Honduras Insurance Report Q2 2016
BMI View: Honduras' life insurance sector will outperform the larger non-life market which suffers from adegree of saturation in key lines of motor and property insurance. Double-digit growth in HNL termsreturned to the life market in 2015, and we expect this to continue, driven by product innovation and acompetitive market environment. In non-life business, health insurance will be the key driver of growth,exhibiting expansion of around 10% annually through to 2020.
Key Updates And Forecasts
Final 2015 figures have been released by CAHDA, the regulator, showing life sector growth of 15.5%, itsfastest rate since 2011, strengthening BMI's view for strong growth performance in the coming years.
MAPFRE has become the largest life insurer, overtaking Ficohsa, which has experienced stagnation in itsmarket share over recent years. MAPFRE's product innovation and development of low-cost products is akey driver of this growth.
In the non-life sector, personal accident and health lines of business were the top performers in 2015, inline with our view for ongoing high growth in these sectors, again driven by innovation towards low-costproducts.
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