The insurance distribution market in Nicaragua continues to show signs of consolidation and moderate growth, with broker-led intermediation remaining the dominant sales channel by a wide margin. In 2024, the total amount of insurance premiums intermediated through brokers reached 5.983 billion Córdobas, compared to just 331 million Córdobas channeled through individual insurance agents. This notable disparity underscores the predominant role of corporate brokerages in the Nicaraguan insurance sector, accounting for over 94% of the total intermediated premium volume between both channels.
Growth trends also favor brokers. The total value of premiums intermediated by brokers grew by 6.4% over the previous year, slightly above the industry average growth rate of 6.3%. Individual agents, while contributing a far smaller share of total premiums, also saw growth—albeit at a more modest pace of 3.5%. This reflects a stable but increasingly broker-dominated environment where scalability and corporate networks offer competitive advantages over individual intermediaries.
The ranking of leading insurance brokers and intermediaries reveals a concentrated market where a handful of firms control a substantial portion of the total volume. At the top of the list is Castro Cuadra & Cía., with a commanding 10.3% market share, followed by Risk Managers at 8.5%. Other key players include CAPESA (5.0%), Correduría de Seguros R&M (4.0%), and Inverseguros (3.8%). These five firms alone account for over 31% of the total market share in Nicaragua’s intermediated insurance business.
In total, the study reviewed 104 brokers and individual intermediaries. The top 10 players captured 46.68% of the entire market, while the top 20 accounted for 65.74%. This level of market concentration highlights the importance of scale, brand recognition, and access to corporate clients in shaping the competitive landscape of the insurance intermediation sector.
As Nicaragua’s insurance industry matures, understanding the distribution dynamics and the performance of leading intermediaries becomes crucial for insurers, reinsurers, and service providers looking to strengthen their footprint in the region. The continued dominance of brokers and the moderate but consistent growth in overall intermediated premiums point to a stable but highly competitive market, where leadership is defined not only by market share but also by adaptability and client relationships.