The insurance market in Honduras has shown strong growth during the first half of 2024, reflecting a continued upward trend in premium volume and market expansion across various insurance lines. By June 2024, net premiums reached a total of 9,361 million Lempiras, a significant increase from the 8,233 million Lempiras recorded in June 2023. This represents an annual growth rate of 13.7%, driven by both life and general insurance segments.
Breaking down the evolution of the market by type of coverage, life insurance premiums rose from 3,100 million Lempiras in June 2023 to 3,590 million Lempiras by June 2024, marking a robust 16% increase. General insurance also experienced positive growth, increasing by 10% year-on-year to reach 3,043 million Lempiras. Health and accident insurance saw a 14% rise, with premiums climbing from 1,716 million Lempiras to 1,963 million Lempiras. The "Other General Insurance" category, which includes specialized lines, demonstrated a notable 17% growth, increasing to 664 million Lempiras from 566 million Lempiras in the previous year. Lastly, the surety insurance sector posted the highest annual growth rate, expanding by 22%, from 84 million Lempiras in June 2023 to 102 million Lempiras in June 2024.
In terms of market share distribution among the leading insurers, FICOHSA SEGUROS maintained its position as the dominant player with a 23.9% share as of June 2024. MAPFRE SEGUROS followed with 17.7%, while SEGUROS ATLÁNTIDA held 11.8% of the market. PALIC, with a 9.7% share, and SEGUROS DAVIVIENDA, capturing 8%, rounded out the top five insurers in the market.
Looking at the insurers that have achieved the most significant growth in their market share, SEGUROS CONTINENTAL led the rankings, increasing its share by 0.80 percentage points during the first half of 2024. SEGUROS BANRURAL followed closely, gaining 0.71 percentage points, while FICOHSA SEGUROS strengthened its lead by adding 0.47 percentage points. Other notable players included CREFISA, which gained 0.43 percentage points, and SEGUROS DAVIVIENDA, with an increase of 0.23 percentage points.
In summary, the Honduran insurance market continues to exhibit healthy growth, underpinned by steady gains across key insurance segments and a competitive landscape among top insurers. This positive trajectory suggests ongoing opportunities for both domestic and international insurers looking to expand in this market.
In terms of market share distribution among the leading insurers, FICOHSA SEGUROS maintained its position as the dominant player with a 23.9% share as of June 2024. MAPFRE SEGUROS followed with 17.7%, while SEGUROS ATLÁNTIDA held 11.8% of the market. PALIC, with a 9.7% share, and SEGUROS DAVIVIENDA, capturing 8%, rounded out the top five insurers in the market.
Looking at the insurers that have achieved the most significant growth in their market share, SEGUROS CONTINENTAL led the rankings, increasing its share by 0.80 percentage points during the first half of 2024. SEGUROS BANRURAL followed closely, gaining 0.71 percentage points, while FICOHSA SEGUROS strengthened its lead by adding 0.47 percentage points. Other notable players included CREFISA, which gained 0.43 percentage points, and SEGUROS DAVIVIENDA, with an increase of 0.23 percentage points.
In summary, the Honduran insurance market continues to exhibit healthy growth, underpinned by steady gains across key insurance segments and a competitive landscape among top insurers. This positive trajectory suggests ongoing opportunities for both domestic and international insurers looking to expand in this market.
