The Association of Chilean Insurers recently reported that total premiums fell 12.3% when comparing the first half of 2009 to the first half of 2008. Total premiums for general insurance fell 3.7% to US$ 1.031 billion for the period, while life premiums fell 16.5% to US$ 1.867 billion. In particular, total premiums for All Risk Construction Coverage fell 49.9% for the period, reflecting the marked slowdown in construction in Chile since the economic downturn.
Total life insurance premiums in El Salvador reportedly grew 24.75% when comparing March 2009 to March 2008. When viewed over a 12-month period, total life insurance premiums grew 5.27% from US$ 82.3 million to US$ 86.62 million, resulting in life insurance growing from 16.3% of the country’s overall insurance market to 20.1%.
The Peruvian insurance market reportedly registered total premiums of US$ 848.87 million in June 2009, up 20.2% from June 2008 (US $ 707.26 million). The fastest growing lines were reportedly auto (44.98%), compulsory auto (25.48%), non-auto liability (20.86%) and life (20.14%).
In the wake of the revocation of Preferred Health’s license, leaving 87,000 insureds without health coverage, Ramon L. Cruz, Puerto Rico’s insurance commissioner, recently denied any plans to liquidate insurer First Medical, which provides health insurance to another 180,000 on the island. Despite reported financial problems, Mr. Cruz reportedly stated that First Medical’s insureds can rest assured that no plans exist to liquidate the company. First Medical’s vice-president, Jose Pagan, reportedly also stated that the company’s financial problems have been resolved.