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Central America Insurance Report Q2 2015

  • March 2015
  • -
  • Business Monitor International
  • -
  • 148 pages

Includes 3 FREE quarterly updates

BMI View:

Central America's insurance markets are diverse in terms of size, ranging from Nicaragua's total premiums of just USD160mn to Panama's at almost ten times that size. Most are growing quickly, and a broad trend towards health insurance products will continue to spark growth. Many markets remain fragmented, and opportunities abound for acquisitions both from within and without. Product innovation, particularly in low-cost alternatives, has been limited but has the potential to deliver long-term growth in many sectors.

BMI expects Central American insurance markets to continue to grow rapidly in the coming years. Annual growth rates outside Nicaragua, the region's underperformer, will consistently hit high single-digit rates, with some sectors consistently posting growth rates in excess of 10%. We would highlight Panama and El Salvador as markets which will outperform in absolute terms. Consumers in these insurance markets have the greatest ability to afford insurance and the insurance companies that operate are established and able to deliver.

Table Of Contents

Central America Insurance Report Q2 2015
BMI Industry View 9
SWOT 12
Panama Industry Forecast 14
Panama Life Premiums Forecast 14
Life Premiums 14
Table: Gross Life Premiums Written (Panama 2012-2019) 15
Life Claims 15
Table: Life Insurance Claims (Panama 2007-2013) 16
Life Insurance Drivers 16
Table: Insurance Key Drivers, Disease Adjusted Life Years (Panama 2012-2019) 16
Table: Insurance Key Drivers, Private Health Expenditure (Panama 2012-2019) 17
Panama Non-Life Premiums Forecast 18
Non-Life Premiums 18
Table: Gross Non-Life Premiums Written (Panama 2012-2019) 19
Non-Life Claims 20
Table: Non-Life Insurance Claims (Panama 2007-2013) 20
Table: Non-Life Insurance Claims by Line (Panama 2010-2013) 21
Panama Non-Life Sub-Sector Forecast 22
Table: Non-Life % Breakdown (Panama 2012-2019) 23
Motor and Transport Insurance 24
Table: Motor Vehicle Insurance (Panama 2012-2019) 24
Table: Transport Insurance (Panama 2012-2019) 25
Property Insurance 25
Table: Property Insurance (Panama 2012-2019) 25
Health and Personal Accident Insurance 25
Table: Health Insurance (Panama 2012-2019) 26
Table: Personal Accident Insurance (Panama 2012-2019) 26
General Liability and Credit Insurance 26
Table: General Liability Insurance (Panama 2012-2019) 27
Table: Credit/Financial Guarantee Insurance (Panama 2012-2019) 27
Costa Rica Industry Forecast 28
Costa Rica Life Premiums Forecast 28
Life Premiums 28
Table: Gross Life Premiums Written (Costa Rica 2012-2019) 29
Life Claims 30
Table: Life Insurance Claims (Costa Rica 2010-2013) 30
Life Insurance Drivers 30
Table: Insurance Key Drivers, Disease Adjusted Life Years (Costa Rica 2012-2019) 31
Table: Insurance Key Drivers, Private Health Expenditure (Costa Rica 2012-2019) 32
Costa Rica Non-Life Premiums Forecast 33
Non-Life Premiums 33
Table: Gross Non-Life Premiums Written (Costa Rica 2012-2019) 34
Non-Life Claims 35
Table: Non-Life Insurance Claims (Costa Rica 2010-2013) 35
Table: Non-Life Insurance Claims by Line (Costa Rica 2010-2013) 36
Costa Rica Non-Life Sub-Sector Forecast 37
Table: Non-Life % Breakdown (Costa Rica 2012-2019) 38
Motor and Transport Insurance 38
Table: Motor Vehicle Insurance (Costa Rica 2012-2019) 39
Table: Transport Insurance (Costa Rica 2012-2019) 39
Property Insurance 40
Table: Property Insurance (Costa Rica 2012-2019) 40
Health and Personal Accident 40
Table: Health and Personal Accident Insurance (Costa Rica 2012-2019) 41
General Liability and Credit Insurance 41
Table: General Liability Insurance (Costa Rica 2012-2019) 41
Table: Credit/Financial Guarantee Insurance (Costa Rica 2012-2019) 42
Guatemala Industry Forecast 43
Guatemala Life Premiums Forecast 43
Life Premiums 43
Table: Gross Life Premiums Written (Guatemala 2012-2019) 45
Net Life Premiums 45
Table: Net Life Premiums Written (Guatemala 2012-2019) 46
Life Claims 46
Table: Life Insurance Claims (Guatemala 2007-2013) 46
Life Insurance Drivers 47
Table: Insurance Key Drivers, Disease Adjusted Life Years (Guatemala 2012-2019) 47
Table: Insurance Key Drivers, Private Health Expenditure (Guatemala 2012-2019) 48
Guatemala Non-Life Premiums Forecast 49
Non-Life Premiums 49
Table: Gross Non-Life Premiums Written (Guatemala 2012-2019) 50
Net Non-Life Premiums 50
Table: Net Non-Life Premiums Written (Guatemala 2012-2019) 51
Non-Life Claims 51
Table: Non-Life Insurance Claims (Guatemala 2007-2013) 52
Table: Non-Life Insurance Claims by Line (Guatemala 2007-2013) 52
Guatemala Non-Life Sub-Sector Forecast 54
Table: Non-Life % Breakdown (Guatemala 2012-2019) 55
Motor and Transport Insurance 55
Table: Motor Vehicle Insurance (Guatemala 2012-2019) 56
Table: Transport Insurance (Guatemala 2012-2019) 56
Property Insurance 57
Table: Property Insurance (Guatemala 2012-2019) 57
Health and Personal Accident Insurance 57
Table: Health Insurance (Guatemala 2012-2019) 58
Table: Personal Accident Insurance (Guatemala 2012-2019) 58
General Liability and Credit Insurance 58
Table: General Liability Insurance (Guatemala 2012-2019) 59
Table: Credit/Financial Guarantee Insurance (Guatemala 2012-2019) 59
El Salvador Industry Forecast 60
El Salvador Life Premiums Forecast 60
Life Premiums 60
Table: Gross Life Premiums Written (El Salvador 2012-2019) 61
Net Life Premiums 61
Table: Net Life Premiums Written (El Salvador 2012-2019) 62
Life Claims 62
Table: Life Insurance Claims (El Salvador 2010-2013) 62
Life Insurance Drivers 63
Table: Insurance Key Drivers, Disease Adjusted Life Years (El Salvador 2012-2019) 63
Table: Insurance Key Drivers, Private Health Expenditure (El Salvador 2012-2019) 64
El Salvador Non-Life Premiums Forecast 65
Non-Life Premiums 65
Table: Gross Non-Life Premiums Written (El Salvador 2012-2019) 66
Net Non-Life Premiums 67
Table: Net Non-Life Premiums Written (El Salvador 2012-2019) 67
Non-Life Claims 67
Table: Non-Life Insurance Claims (El Salvador 2010-2013) 68
Table: Non-Life Insurance Claims by Line (El Salvador 2011-2013) 68
El Salvador Non-Life Sub-Sector Forecast 69
Table: Non-Life % Breakdown (El Salvador 2012-2019) 70
Motor Insurance 70
Table: Motor Vehicle Insurance (El Salvador 2012-2019) 71
Property Insurance 71
Table: Property Insurance (El Salvador 2012-2019) 71
Honduras Industry Forecast 72
Honduras Life Premiums Forecast 72
Life Premiums 72
Table: Gross Life Premiums Written (Honduras 2012-2019) 73
Life Claims 73
Table: Life Insurance Claims (Honduras 2007-2013) 74
Life Insurance Drivers 74
Table: Insurance Key Drivers, Disease Adjusted Life Years (Honduras 2012-2019) 74
Table: Insurance Key Drivers, Private Health Expenditure (Honduras 2012-2019) 75
Honduras Non-Life Premiums Forecast 76
Non-Life Premiums 76
Table: Gross Non-Life Premiums Written (Honduras 2012-2019) 77
Non-Life Claims 77
Table: Non-Life Insurance Claims (Honduras 2007-2013) 78
Table: Non-Life Insurance Claims by Line (Honduras 2007-2013) 79
Honduras Non-Life Sub-Sector Forecast 80
Table: Non-Life % Breakdown (Honduras 2012-2019) 81
Motor and Transport Insurance 81
Table: Motor Vehicle Insurance (Honduras 2012-2019) 82
Table: Transport Insurance (Honduras 2012-2019) 82
Property Insurance 82
Table: Property Insurance (Honduras 2012-2019) 83
Health and Personal Accident Insurance 83
Table: Health Insurance (Honduras 2012-2019) 84
Table: Personal Accident Insurance (Honduras 2012-2019) 84
General Liability and Credit Insurance 84
Table: General Liability Insurance (Honduras 2012-2019) 85
Table: Credit/Financial Guarantee Insurance (Honduras 2012-2019) 85
Nicaragua Industry Forecast 86
Nicaragua Life Premiums Forecast 86
Life Premiums 86
Table: Gross Life Premiums Written (Nicaragua 2012-2019) 87
Life Claims 88
Table: Life Insurance Claims (Nicaragua 2007-2013) 88
Life Insurance Drivers 88
Table: Insurance Key Drivers, Disease Adjusted Life Years (Nicaragua 2012-2019) 88
Table: Insurance Key Drivers, Private Health Expenditure (Nicaragua 2012-2019) 89
Nicaragua Non-Life Premiums Forecast 90
Non-Life Premiums 90
Table: Gross Non-Life Premiums Written (Nicaragua 2012-2019) 91
Non-Life Claims 92
Table: Non-Life Insurance Claims (Nicaragua 2007-2013) 92
Table: Non-Life Insurance Claims by Line (Nicaragua 2007-2013) 93
Nicaragua Non-Life Sub-Sector Forecast 94
Table: Non-Life % Breakdown (Nicaragua 2012-2019) 95
Motor and Transport Insurance 96
Table: Motor Vehicle Insurance (Nicaragua 2012-2019) 96
Table: Transport Insurance (Nicaragua 2012-2019) 97
Property Insurance 97
Table: Property Insurance (Nicaragua 2012-2019) 97
Health and Personal Accident Insurance 97
Table: Health Insurance (Nicaragua 2012-2019) 98
Table: Personal Accident Insurance (Nicaragua 2012-2019) 98
General Liability and Credit Insurance 99
Table: General Liability Insurance (Nicaragua 2012-2019) 99
Table: Credit/Financial Guarantee Insurance (Nicaragua 2012-2019) 99
Industry Risk Reward Ratings 100
Latin America Insurance Risk/Reward Ratings - Q2 2015 100
Table: Latin America Risk/Reward Index - Q2 2015 101
Market Overview 102
Panama Market Overview 102
Table: Life Insurance Market Share (%), 2010-2013 104
Table: Non-Life Insurance Market Share (%) 2010-2013 106
Costa Rica Market Overview 107
Table: Life Insurance Market Share (%), 2011-2013 109
Table: Non-Life Insurance Market Share (%), 2011-2013 111
Guatemala Market Overview 111
Table: Life Market Share (%) 2012-13 113
Table: Non-Life Market Share (%) 2012-2013 115
El Salvador Market Overview 116
Table: Life Market Share (%) 2011-2013 117
Table: Non-Life Market Share (%) 2011-2013 119
Honduras Market Overview 119
Table: Life Market Share (%) 2007-2013 121
Table: Non-Life Market Share (%) 2007-2013 123
Nicaragua Market Overview 123
Table: Life Market Share (%) 2007-2013 125
Table: Non-Life Market Share (%) 2007-2013 126
Company Profile 128
MAPFRE 128
Pan-American Life Insurance Group (PALIG) 130
ASSA 133
INS - Costa Rica 135
Iniser - Nicaragua 138
Ficohsa Seguros - Honduras 140
Methodology 142
Industry Forecast Methodology 142
Risk/Reward Index Methodology 145
Table: Indicators 147
Table: Weighting of Indicators 148

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