Honduras

Axco provides details on the life insurance sector including Honduran market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Honduras, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Honduran pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Honduras report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

A fairly traditional range of insurance and investment products is available in Honduras: there is a limited degree of product innovation; however, low demand and poor consumer awareness concerning financial services dilutes the appetite of insurers for significant investment in new product lines. There is a wide availability of products in USD providing a degree of stability against fluctuations in HNL.

Honduras is amongst the poorest countries in Central America: the latest official data showed that 48.3% of the population lived below the poverty line. As a result, there is no widespread demand for private pension plans.

According to the market supervisor (CNBS) there are five public pension schemes in operation which are managed by public pension institutions. There are also schemes for the employees of banks and insurers ....

In Honduras the public health service continues to face many challenges. There remains an insufficient number of doctors and trained staff, partly attributed to low salaries and the poor conditions of employment. Widespread shortages of basic medical equipment are commonplace. Services are focused in urban areas leaving rural areas typically underfunded.