The Honduran insurance market continues to show solid momentum in early 2025, posting a 10.3% year-on-year growth in net written premiums. As of March 2025, total net premiums amounted to 5,653 million Lempiras, up from 5,123 million a year earlier. This expansion reflects broad-based growth across all insurance segments, underpinned by continued demand for both life and non-life coverage, as well as a robust performance in surety bonds.
Claims volume reached 3,072 million Lempiras in the same period, representing 54.3% of total premiums. While this ratio remains within a manageable range, it highlights the importance of effective risk management strategies among market participants.
In terms of coverage types, life insurance remains the largest segment, with premiums totaling 2,176 million Lempiras in Q1 2025, up 6.0% from the previous year. General insurance policies followed with 1,699 million Lempiras, growing 9.8%. Accident and health products reached 1,241 million Lempiras, posting a 9.5% increase. A standout was the “other general insurance” category, which surged 39.2% year-over-year to 471 million Lempiras. Surety bonds also demonstrated strong performance with a 25.7% increase, reaching 67 million Lempiras in premiums.
Market leadership remains concentrated, with Ficohsa Seguros consolidating its position as the top insurer in terms of total premiums, holding a 23.2% market share. Mapfre Seguros follows with 17.5%, and Seguros Atlántida ranks third with 11.7%. Palic and Crefisa round out the top five with shares of 10.7% and 7.8%, respectively.
The fastest-growing companies in terms of market share gains were Seguros Lafise, which added 1.46 percentage points, and Crefisa, which grew by 0.74 points. Ficohsa Seguros, already a market leader, further expanded its share by 0.57 points. ASSA Compañía de Seguros and Seguros Atlántida also posted modest gains.
In the damage insurance segment, Ficohsa Seguros leads decisively with 32.23% of premiums, more than double the share of its nearest competitor, Seguros Atlántida, which holds 14.83%. Mapfre Seguros (9.70%), Seguros del País (8.66%), and Seguros Davivienda (7.67%) are also key players in this line.
Life, accident, and health coverage show a different competitive dynamic. Mapfre Seguros is the top insurer in this category with a 22.57% share, followed by Ficohsa Seguros (17.81%) and Palic (17.71%). Seguros Atlántida and Crefisa round out the top five with 9.66% and 7.86%, respectively.
In surety bonds, Crefisa stands out with a commanding 28.65% market share, significantly ahead of Seguros Atlántida (15.85%) and Seguros del País (12.75%). Mapfre Seguros and Seguros Lafise follow with 12.01% and 10.13%, respectively.
Financial performance across the market has been robust. The industry’s total net result reached 558.1 million Lempiras in Q1 2025, reflecting a 39.8% year-on-year increase from the 399.1 million recorded in the same period of 2024. Seguros Atlántida posted the highest net result with 126.3 million Lempiras, followed by Ficohsa Seguros at 96.0 million. Seguros Davivienda (77.6 million), Seguros Equidad (58.3 million), and Seguros del País (44.0 million) also achieved strong earnings.
In summary, the Honduran insurance industry continues to expand at a healthy pace, supported by balanced growth across life, general, and surety lines. The market remains competitive, with several insurers gaining ground in both volume and profitability. These results point to a maturing sector that is gradually diversifying its product offering and strengthening its financial fundamentals.