Insurance
in Central America
Friday, May 18, 2012
Grupo Assa is the largest shareholder of Cardinal Insurance, a company that began operations in Colombia offering compliance, guarantees and legal liability policies.
Grupo Assa of Panama has entered the insurance market in Colombia under the banner of Cardinal Insurance, after a successful expansion in Costa Rica, El Salvador and Nicaragua.
Thursday, May 17, 2012
Privatization has attracted several foreign insurers and consumers are already benefiting from freedom of choosing between different options.
From 1924 to 2008, insurance was a state monopoly. Although this scheme was useful to the country and society in the twentieth century, it was impossible to continue in this way in a globalized market. Costa Rica suffered from a lack of modernization and diversification of the insurance market, and especially the absence of a regulatory agency.
Tuesday, May 15, 2012
Insurers sold premiums worth $273.7 million in the first quarter, largely due to vehicle insurance.
An increase in the number of vehicles, rising prices for parts and road realignment works are factors in a higher number of claims, which has led to an increase in insurance sales.
In the first three months of 2012, premiums totaled $273.7 million, reported the Insurance and Reinsurance Superintendence of Panama (SSRP in Spanish), according to Laestrella.com.pa.
Monday, May 7, 2012
The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months.
The number of insurance brokers in Costa Rica is now 14, a significant increase, up 75% from March 2011 to March 2012. While the number of intermediaries has increased, the number of insurance companies in decreased to nine during the same period, a reduction of 11.4%.
Friday, May 4, 2012
Panama and El Salvador are seen by Grupo Sura as countries "with political, social and macroeconomic stability" for their expansion projects.
The president of Colombia's Grupo Sura, David Bojanini, said his holding company plans regional procurement in countries that provide economic, political and especially legal security.
Thursday, May 3, 2012
The total exclusivity requirement imposed by the National Institute of Insurance on agencies who sell their insurance, is an anticompetitive mechanism that is making it difficult for the market to open up.
In his blog " Mercado Seguro " in Elfinancierocr.com, attorney and insurance specialist Said Breedy analyzes the criteria issued by the Commission to Promote Competition (COPROCOM) on the exclusivity clause in agency contracts with the National Institute Insurance (INS) in place since 2007.
Tuesday, April 24, 2012
The government of Costa Rica is promoting a legal reform that would transfer the cost of financial supervision to banking institutions, insurance companies and pension operators.
The legal amendment was included in the Bill for the Efficient Management of Public Finances already sent to the Legislature.
Monday, April 23, 2012
Three international insurers, BUPA Latinamerica, BMI Companies and Best Doctors Insurance Limited are organizing their entry into the health insurance market in Guatemala.
Best Doctors Insurance Limited has agreements with Agromercantil Seguros SA, a local insurer to offer personal and business insurance. The formalization of their entry into the market is Wednesday, May 2nd.
Wednesday, April 18, 2012
The State of Guatemala will insure 9 hydroelectric stations and 65 transmission substations, paying the most expensive annual insurance bill in the local market.
The National Institute of Electrification (INDE) awarded a policy of Q37, 8million ($4.86 million) to Aseguradora Rural to insure against all risks and terrorism, 9 hydro and 65 transmission substations, which are some of the most valuable pieces of public infrastructure in the country.
Monday, April 9, 2012
Panamanian insurers managed to sell $1.1 billion worth in 2011, beating Costa Rica ($794 million) and Guatemala ($620 million).
Panamanian insurers managed to sell $1.1 billion worth of insurance in 2011, according to the Superintendency for Insurance and Reinsurance in Panama. With the number of premiums written by the industry beating Costa Rica ($794 million) and Guatemala ($620 million).
Tuesday, April 3, 2012
After selling to Mapfre a 65% stake in its insurance business in Panama in 2009, Grupo Mundial is now using its option to sell the remaining 35%.
On 29th March a meeting of shareholders approved the sale, estimated $85 million.
Tuesday, March 20, 2012
A low penetration level of insurance as related to GDP allows for sustainable growth of insurance businesses.
In the past five years, Panama has seen an explosion of commercial development and an influx of insurance companies. The country is about to remake its insurance legislation, which is also aimed at helping the country become a regional hub for insurance and reinsurance, according to Carlos Abrahams, a director at Global Intermediaries. Global is a specialized reinsurance consultancy and brokerage in Panama City, Panama.
Tuesday, March 20, 2012
Seguros y Fianzas GyT in Guatemala is now offering insurance to cover the taxes on goods in transit, in case of theft or loss.
The ‘Insurance for Goods in Transit or Transfer’ has been available since March 13th.
"Now in an easy way the carrier can enter GyT’s website and within five minutes have a printed insurance policy, allowing them to take their goods out of the customs port," said the assistant manager of Seguros y Fianzas GyT, Elmer Roca.
Friday, March 9, 2012
The National Assembly of Panama approved bill 360 on its third reading, which regulates the activities of insurers.
Among other provisions, the law establishes requirements and deposits in order to set up as an insurance company, creates an insurance supervisory board, and establishes a tax regime for insurers.
Friday, March 9, 2012
The bank will continue its banking and insurance business in Panama as part of its strategy in Latin America to focus on high potential markets.
Panama is one of the four strongest countries in Latin America for HSBC, said Yoselyn Garcia, Head of Marketing HSBC Bank to Panamaamerica.com.pa.
español
1890