Life Report

Product Insurance Market Reports Life Rev Nicaragua

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Nicaragua's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Nicaragua's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Nicaragua

The Nicaragua life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Nicaragua. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Nicaragua and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Nicaragua’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Nicaragua is available.

Axco’s report describes the regulatory framework that applies to the Nicaraguan domestic life insurance sector, including whether non-admitted insurance is permitted in Nicaragua; as well as the legislation necessary to know regarding Nicaragua’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Nicaragua with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Nicaraguan 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 Nicaragua, 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 Nicaraguan 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

Social Security

The Nicaragua 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 

Nicaragua Life and Benefits Report Extract

Below are brief extracts of information from the Nicaragua Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Nicaragua is amongst the poorest countries in Central America: according to the latest figures from the World Bank an estimated 25% of the population exist in a state of poverty. As a result, there is little widespread awareness as to the benefits of life assurance and the cover is perceived as an unnecessary expense.

The insurance market is predominantly non-life-oriented although the proportion of life business has remained fairly stable. In 2019 life including microinsurance covers represented 20.2% ....


The Nicaraguan Institute of Social Security (INSS) is the government entity responsible for the implementation, management and supervision of the social security system. It is notoriously bureaucratic with extensive and poorly managed administrative processes.

INSS faces a constant challenge to reduce expenditure and increase income, along with the need to improve efficiency. Future difficulties are inevitable due to the growing demands of an ageing population and lack of appropriate resources being made ....


Healthcare in Nicaragua is provided through the Ministry of Health (MINSA), Ministry of Defense (Ministerio de Defenca - MIDEF) and through private healthcare providers (IPSS) contracted by INSS.

Private and public sector funding of total healthcare spending is weighted in favour of the public sector, being split approximately 34.43% and 58.09% respectively ....

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