Insurance
in Central America
Wednesday, February 1, 2012
The growth of Panama's economy has increased sales in the insurance sector and improved the business climate, executives say.
The Panamanian insurance market grew by 14.6% in premiums in 2012, the highest in Central America, and this result is linked to the strong 10.5% growth of the economy and the positive business climate, industry leaders said .
Tuesday, January 24, 2012
In 2011, insurers reported a total of $576 million in signed premiums, which is 18.9% more than in 2010.
According to the Guatemalan Association of Insurance Institutions (Agis), the increase for the category of health insurance was 35.1%, for life policies the increase was 20.8%. Other areas reporting increases were fire 4.4%, and vehicles 13.2%.
Monday, January 23, 2012
Internacional de Seguros and ASSA are the industry leaders of a sector that netted $936 million in premiums in 2011, a 16% growth.
Five companies control the insurance market in Panama: Internacional de Seguros, ASSA, Mapfre Panamá, Assicurazioni Generali and Aseguradora Ancón.
Wednesday, January 11, 2012
ASSA Compañía de Seguros S.A, which has operations to date in Panama, Costa Rica and Nicaragua, has begun operating in El Salvador with an investment of $3.2 million.
ASSA Compañía de Seguros S.A, a Panamanian company, started operations in El Salvador with an initial investment of $3.2 million, according to El Diario de Hoy.
Monday, January 9, 2012
The Nicaraguan insurance sector is projecting growth at the local level of between 9% and 10% in net written premiums.
Such growth would mean about $136 million in terms of sales, said Luis Reynoza, president of the Nicaraguan Association of Professional Insurance Agents (Anapsos).
Wednesday, January 4, 2012
A Fitch Special Report on the insurance industry in Central America indicates a stable outlook with conservative growth.
SUMMARY
Insurance penetration remains stable.
Fitch estimates that at the end of 2011, premiums for the insurance sector in Central America will be U.S. $3.275 billion, increasing by almost 7% compared to 2010. However, the penetration of the industry in the various countries would remain below that recorded in other Latin American countries (less than 5%), where only Panama will exhibit the highest level (3.5%), in line with the country's significant economic expansion.
Tuesday, January 3, 2012
Until the constitutional motion filed with the Sala IV is resolved, private insurers have decided not to participate in this market.
An appeal lodged in February 2011, affects the rules for the opening of the market issued by the Superintendent of Insurance (Sugese).
Nacion.com outlines in an article, "also under question is article III of the Law Regulating the Insurance Market (8653 Act), which authorized such privatization.
Monday, December 5, 2011
The National Insurance Institute of Costa Rica is under investigation for price reductions that could constitute a violation of the Law on Promotion of Competition.
The open procedure by the Commission to Promote Competition (COPROCOM) is the only one that has been presented since the opening of the insurance market in 2008.
Friday, December 2, 2011
According to a resolution from the Junta Monetaria (JM) banks in the financial system can offer their clients mass scale insurance services.
Resolution JM-142-2011, published on Friday 2 December in the Diario Oficial states that the sale of insurance products has been regulated by article 89 of the Law on Insurance Activities since the 5th of January, however it was necessary for the JM , in the opinion of the Superintendency of Banks (SIB), to authorize banking institutions to undertake other operations and provide other services that were not accounted for in the aforementioned legislation ‘as long as they are compatible with normal functions’.
Monday, November 28, 2011
Before new insurance companies join the market insurers are expanding their range of products and services.
Starting next year it is expected that the Superintendency of Banks (SIB) will authorize the insurers Best Meridian Insurance Company (BMI) and the British Union Provident Association (Bupa) to start operations .
Wednesday, November 23, 2011
Three years since the privatisation of the insurance sector, the state agency (INS) remains the main entity in the market.
The market dominance of the National Insurance Institute (INS), with 94% of total premium income, is, in the opinion of the Association of Private Insurance (AAP), a result of the supervision exercised by the Superintendency of Insurance (Sugese).
Thursday, November 17, 2011
The acquisition of cover, known as a PUT Option, allows the producer to ensure a minimum selling price.
At a time when volatility is the order of the day in international markets, this coverage or hedge has become an indispensable tool for any product that is exported and depends on international prices.
Friday, November 11, 2011
Through this acquisition, PALIG will increase its already considerable business in Panama and Costa Rica, while expanding its presence in the Caribbean.
In total, the businesses that PALIG are attempting to acquire represent over $125 million in premiums and $675 million in assets, according to 2010 figures.
Pan-American Life Insurance Group (PALIG), a leading provider of life and health insurance in Latin America and the United States, today announced a definitive agreement to acquire certain businesses and assets of MetLife (NYSE: MET). In addition to acquiring all American Life Insurance Company (ALICO) operations in Panama and Costa Rica, PALIG plans to acquire MetLife’s American Life and General Insurance Company (ALGICID) in Trinidad and Tobago, as well as subsidiaries of ALICO in Barbados, the Cayman Islands and most of the Windward and Leeward Islands. Upon completion, this transaction would increase the size of the Pan-American Life Insurance Group and extend its geographic reach. Details of the transaction have not been disclosed.
Tuesday, November 8, 2011
The passing of the bill – which has already been agreed upon - would allow the development of the micro-insurance market and new distribution channels.
The passing of the bill – which has already been agreed upon - would allow the development of the micro-insurance market and new distribution channels.
Monday, October 31, 2011
In the newly privatised insurance market, companies are competing with the National Insurance Institute (INS in Spanish) to increase their portfolios.
Last June, according to the premium income figures, registered insurance lines and assets, INS was first, followed by Assa and Alico with its life and health insurance lines.
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