In the insurance sector of Nicaragua, the latest figures indicate substantial growth, with notable changes in premium volumes and market dynamics. As of September 2024, the total volume of net written premiums reached 7,626 million Córdobas, marking a nominal year-over-year increase of 9.3% from 6,978 million Córdobas in September 2023. This rise underscores the sector's resilience and growing demand, though specific types of coverage reveal diverse performance patterns.
Breaking down premium growth by coverage type, the automobile segment has shown remarkable momentum, achieving a 26.1% year-over-year increase in net written premiums, reflecting strong consumer demand. Life insurance also demonstrated significant expansion with a 14.8% increase, followed closely by mandatory insurance at 10.5%. Health insurance, however, remained relatively steady with only a 0.4% growth rate. In contrast, the fire insurance segment experienced a slight decline of 0.8%, possibly signaling either reduced demand or market competition pressures within that coverage category.
From a technical and financial perspective, the insurance market's operational dynamics are notable. Out of the 7,626 million Córdobas in net premiums, 3,934 million were ceded, highlighting the industry's reliance on reinsurance. Total claims amounted to 2,486 million Córdobas, while operational expenses reached 2,562 million, resulting in a technical profit of 284 million Córdobas. The final profit stood at 724 million, indicating a positive financial outcome for the sector.
Breaking down premium growth by coverage type, the automobile segment has shown remarkable momentum, achieving a 26.1% year-over-year increase in net written premiums, reflecting strong consumer demand. Life insurance also demonstrated significant expansion with a 14.8% increase, followed closely by mandatory insurance at 10.5%. Health insurance, however, remained relatively steady with only a 0.4% growth rate. In contrast, the fire insurance segment experienced a slight decline of 0.8%, possibly signaling either reduced demand or market competition pressures within that coverage category.
From a technical and financial perspective, the insurance market's operational dynamics are notable. Out of the 7,626 million Córdobas in net premiums, 3,934 million were ceded, highlighting the industry's reliance on reinsurance. Total claims amounted to 2,486 million Córdobas, while operational expenses reached 2,562 million, resulting in a technical profit of 284 million Córdobas. The final profit stood at 724 million, indicating a positive financial outcome for the sector.
Market share growth ranking - non-Life
Market share growth ranking - Life
Market share distribution remains competitive, with América leading at 23.8%, followed by Lafise at 23.1%, and Assa closely behind with 22.6%. Iniser holds 19.6% of the market, while Mapfre Nicaragua accounts for 10.9%. Despite América's lead, shifts in market share reveal that Mapfre Nicaragua achieved the highest year-over-year increase, gaining 2.95 percentage points, while Lafise saw an improvement of 0.72 percentage points. These shifts indicate evolving customer preferences and potentially successful strategic adjustments by these companies. However, a closer examination by insurance type reveals that performance can vary greatly across segments, suggesting that market competition is highly context-dependent and influenced by each company's specialized focus areas.
The latest figures highlight an insurance sector that is not only expanding but also navigating a dynamic competitive landscape, with individual companies displaying varied strengths across different insurance types.
The latest figures highlight an insurance sector that is not only expanding but also navigating a dynamic competitive landscape, with individual companies displaying varied strengths across different insurance types.
