The insurance market in Nicaragua has been showing steady growth over the past few years, and our latest market data from 2023 confirms this trend. According to the report, the total premium income generated by the insurance industry in Nicaragua reached USD 233 million in 2022, representing a growth of 7.1% compared to the previous year.
In terms of market share by company, the report shows that the top three insurance companies in Nicaragua held a combined market share of 70% in 2023.Q1. The largest insurance company in the country is LAFISE, with a market share of 25.7%. This is followed by INISER, with a market share of 22.3%, and AMERICA with a market share of also 22.3%. The fourth and fifth largest insurance companies in Nicaragua are ASSA and MAPFRE NICARAGUA, with market shares of 21.5% and 8.2%, respectively.
In terms of market size, the fire insurance segment has been the largest contributor to the insurance market in Nicaragua, accounting for 28% of total premiums in 2022. The non-life insurance segment, which includes property and casualty insurance, accounted for 16.4% of total premiums in motor insurance alone, while the life insurance segment accounted for 17%.Market size - Direct written premiums - Cordobas (mill)