Led by Costa
Rica, Central
American
Insurance
Premiums Up 8.1%
As a region,
Central American
(including
Panama)
insurance
premiums rose
8.1% when
comparing the
first quarters
of 2010 to the
same period of
2009, totaling
us$529 million
during the first
quarter of 2010.
Premiums for
Costa Rica’s
Instituto
Nacional de
Seguros (INS),
effectively
still a monopoly
holder in the
market for the
time being
despite recent
regulatory
changes, rose
16.6% for the
period.
Positive premium
growth was not
uniform across
jurisdictions,
as both
Nicaragua
(-1.3%) and El
Salvador (-1.0%)
experienced
lower premiums
for the period.
Except for El
Salvador,
however, all of
the Central
American
countries
experienced
bottom-line
earnings
increases, with
the region
totaling an
increase of 49%
for the period.
Regional average
loss ratios for
the period
decreased from
53.5% to 48.3%.
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