Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s El Salvador Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for El Salvador includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
El Salvador borders Guatemala to the west, Honduras to the north. north-east and Nicaragua to the east, It is the most densely populated Central American republic. The economy has transitioned from an agricultural model focused on coffee production to a services-based economy driven by trade and financial services. Manufacturing has grown in recent years with the development of the offshore textile industry. The economy is also heavily dependent on that of the US.
El Salvador is exposed to a high risk of earthquakes. The major earthquake in October 1986 caused property damage estimated at USD 2bn. The final insurance claim amounted to USD 85mn. Earthquakes in January and February 2001 caused major losses. The market is characterised by low insurance penetration, the lack of a domestic reinsurance market and consequent high dependence on foreign reinsurers to cover the country's significant earthquake exposure.