Insurance premiums market share growth ranking
Market Overview
At the close of December 2023, the insurance market in El Salvador witnessed several notable trends and figures, reflecting both challenges and opportunities within the industry. Analyzing key metrics provides insights into the performance of insurance companies and the overall market landscape.
The total volume of insurance premiums for 2023 amounted to $958.4 million, marking a slight decrease from the previous year. In comparison, the year 2022 recorded premiums of $973.7 million, indicating a 1.6% decline in annual variation.
The data on claims reveals a decrease in 2023, with recorded claims amounting to $425.9 million compared to $462.5 million in 2022. This represents a significant 7.9% reduction in annual variation, indicating potentially improved risk management practices within the industry.
The technical results for 2023 demonstrated positive growth, with a recorded figure of $132.2 million compared to $110.5 million in 2022. This represents a notable 19.7% increase in annual variation, suggesting enhanced operational efficiency and profitability among insurers.
Despite fluctuations in technical performance, the final results for 2023 remained relatively stable. The year concluded with a final result of $53.3 million, minimally decreasing from $53.4 million in 2022, with a marginal annual variation of -0.3%.
Leading Insurers Rankings
In terms of market share, the following insurers emerged as leaders:
- SISA: 22.8%
- SURA: 20.2%
- MAPFRE: 12.7%
- Aseguradora Agrícola Comercial: 11.9%
- ASSA: 8.0%
Year-on-Year Growth in Total Revenues (in Market Share Points):
- SURA: 1.8%
- ASSA: 1.4%
- Aseguradora Agrícola Comercial: 1.1%
- MAPFRE: 1.0%
- QUALITAS: 0.5%
Technical Results (in USD millions):
- MAPFRE: $19.9 million
- SISA: $19.5 million
- SURA: $18.6 million
- Aseguradora Agrícola Comercial: $13.6 million
- Pan American Life: $10.8 million
Final Results (in USD millions):
- SISA: $9.8 million
- La Central de Seguros y Fianzas: $6.9 million
- Davivienda: $6.8 million
- SURA: $6.1 million
- MAPFRE: $5.2 million
