Independent insurance agents Channel - Direct written premiums
The insurance landscape in El Salvador has witnessed intriguing shifts, as evidenced by the latest data analysis of 23 key insurers spanning from December 2022 to March 2023. This exploration focuses on the distribution channels' structural changes in terms of premiums and market shares, providing valuable insights for industry professionals, insurance intermediaries, and investors. Delving into the independent insurance agents channel, the top five insurers experiencing remarkable interannual growth in market share are MAPFRE (5.14%), PAN AMERICAN LIFE (1.31%), LA CENTRAL (1.30%), SISA (1.07%), and FEDECRÉDITO (0.92%).
The data reveals a nuanced evolution in the distribution channels' contribution to the total premiums intermediated. Notably, Bancassurance witnessed a 0.9% increase, while Alliances and Independent insurance agents demonstrated even more substantial growth, with 1.8% and 2.5%, respectively. This dynamic landscape suggests a strategic reassessment by insurers to optimize their market presence. One standout observation is the 5.5% decline in the Direct channel. This sharp decrease indicates a shift in consumer preferences and a strategic pivot by some insurers towards more collaborative and intermediary-focused approaches.
Independent insurance agents Channel - % Direct written premiums by insurer (2023.03)
Independent insurance agents Channel - % Direct written premiums
The data tracking the participation of independent insurance intermediaries in total intermediated premiums over time reveals an interesting trajectory. After a dip in 2022, the first quarter of 2023 marks a resurgence, reaching 56.6%. This signals a potential resurgence in the trust and reliance on independent intermediaries, urging industry players to adapt their strategies to capitalize on this trend.
