Insurance insurance premiums HSBC insurance payments profit Guatemalan Association of Insurance Institutions HSBC Seguros (Panama) National Insurance Institute (Costa Rica) Reinsurance declining profits insurance market Association of Insurance Companies of El Salvador Banking Banking Authority (Guatemala) HSBC Bank (Panama)

Panama: HSBC Insurance Reduces Arrears 15%

Net premium arrears are now $4.9 million, a 15% reduction.

Thursday, October 1, 2009

©image: Colin

HSBC Insurance's income was $2.7 million for the first half of 2009, 49% less than the same period of 2008.

Prensa.com published additional figures reported by the insurer for the first half of 2009: "...reserves for premiums of doubtful collection drecreased from 56% to 30%... Direct sales expenses ... increased to $6.9 million... general and administrative expenses remained stable at $7.9 million".

Source: Prensa.com

Key entities

HSBC HSBC Seguros (Panama)

Insight

declining profits financial results insurance premiums insurance payments Insurance delinquency profit Insurance

Central American Banks: Special Report

September 2009

Fitch Ratings issued a special report: "Central American Banking: Evolution of the Crisis and Learnt Lessons".

In Fitch's opinion, the negative impact the international crisis had on Central American banks was very evident in 2009. The current economic context poses growing risks for the sector, as well as an important challenge for this year.

Rate Hike Worries Banks in Costa Rica

May 2012

A passive base rate in excess of 12% would be problematic, affecting the behavior of borrowers and is likely to cause an increase in defaults.

The Passive Base Rate (PBR) reached 10% on May 9, a level not seen since October 2009. The banks set their interest rate according to the PBR and charge an additional margin.

Panamanians Owe Financing Companies $48 Million

February 2010

50% of all loans granted by financing companies are in a state of default.

This was stated by Alicia Sáenz de Guinard, president of the National Association of Financing Companies. She added that 20% of the debtors are individuals who paid via direct deduction from their salaries.

Costa Rica: Late Payments Growing in Tourism and Real Estate

March 2009

In January, 2009, 15% of the payments in real estate and tourism loans were late, more than double the amount in August, 2008.

The figures reported by the Superintendent of Financial Institutions indicate that in August of last year, 7% of the payments on loans to the hotel and restaurant sector were late, whereas they were 15% in January of this year.

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