Several Latin American countries recently reported growth in their insurance markets.
Total premiums in Brazil grew 5.2% month over month between January 2008 and January 2009 to a total of US $2.59 billion. SUSEP also revised its December 2008 figures upward to reflect total premiums for the month of US $7.15 billion.
In Venezuela, total premiums for January 2009 (US $833.39 million) were 39.84% higher than in January 2008 (US $599.95 million). By the same comparison, ceded premiums increased by US $10.9 million (16.86%) and retained premiums therefore increased by US $226.54 million (42.64%). The top four insurers in January by total premium were Liberty Caracas, Horizonte, Mercantil and Mapfre.
Total premiums in El Salvador increased approximately 2% (US $738,000) when comparing January 2009 to January 2008, to a total of US $40.94 million for the month. Retained premiums increased from US $19.33 million to US $21.13 million for the same period, raising the premium retention rate from 48.07% to 51.62%.
In Peru, net profits for the month of January 2009 reportedly tripled those recorded in January 2008, rising from US $10.2 million to US $ 31.4 million.