Direct written premiums (Life and non-Life)
The insurance sector in Honduras has experienced significant expansion, culminating in a net premium volume of L$ 16.540 million at the close of Q4.2023. This figure reflects a noteworthy annual nominal increase of 15.6% compared to the L$14.312 million recorded at the end of 2022.
Upon delving into the breakdown by coverage type, the Life insurance segment demonstrated an average annual growth of 17.8%, while the non-Life insurance sector experienced a commendable increase of 14.9%. Furthermore, Accident and Health premiums saw a growth of 12.8%, with Surety premiums soaring by 20.1%.
The market share growth ranking, considering the premium volume across all insurance categories, positions CREFISA at the forefront, boasting a growth of 1.38 market share points. Following closely are PALIC with a +0.49% increase and SEGUROS CONTINENTAL with a +0.36% surge. ASSA and SEGUROS LAFISE round out the top five insurers, concluding 2023 with advances of +0.28 and +0.19 points, respectively.
In terms of business volume, FICOHSA continues to dominate, securing the leading position with a substantial 23.3% market share. MAPFRE follows closely with a 17.5% share. SEGUROS ATLANTIDA claims the third spot with 13.7%, and SEGUROS DAVIVIENDA secures the fourth position with 8.1% of the market. Together, these four insurers collectively command an impressive 62.7% of the local market volume.
