Nicaragua

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

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 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 ....