Strategic Market Intelligence: Insurance Industry in Nicaragua - Key Trends and Opportunities to 2023

Strategic Market Intelligence: Insurance Industry in Nicaragua - Key Trends and Opportunities to 2023

Summary

Nicaragua is a lower middle-income country, with a gross domestic product (GDP) of NIO375.4 billion (US$12.5 billion) in 2017. For over a decade, the Nicaraguan economy has been dependent on Venezuela’s financial support. This was available as a favorable term of trade and cheap crude oil, and helped fund the country’s social and welfare schemes, among others. However, this changed after Venezuela’s economy collapsed; financial support ended in 2017, and the Nicaraguan government curtailed social spending. Civil unrest ensued, resulting in economic instability.

As of 2018, Nicaragua’s total insurance industry GWP was NIO7.1 billion (US$226.5 million), and grew at a CAGR of 11.2% during 2014-2018. Property, motor and life accounted for the major share of the market. In general insurance, the retail line accounts for over half of the segment’s GWP. During the review period (2014-2018), health insurance saw substantial growth in the general insurance segment, growing at CAGR of 17.4%.

Motor insurance was the largest general insurance category, accounting for over 40% of the segment’s GWP. Mandatory classes, including Motor Third Party Liability, Aviation Third-party Liability and Personal Accident Insurance for owners of passenger-carrying vehicles supported the growth of the industry.

Insurers are introducing technology-based offerings to improve product access and enhance their market share. On the same time, Microinsurance is a key area of focus. In 2018, an agricultural insurance product was introduced based on the microfinance model. The government-promoted insurer INISER is part of a joint enterprise to implement this product.

The report Strategic Market Intelligence: Insurance Industry in Nicaragua - Key Trends and Opportunities to 2023, provides a detailed outlook by product category for the Nicaraguan insurance industry, and a comparison of the Nicaraguan insurance with its regional counterparts.

It provides values for key performance indicators such as written premium, total assets, total investment and total investment income during the review period (2014-2018) and forecast period (2018-2023); giving insurers access to information on segment dynamics and competitive advantages in the country. The report also gives a comprehensive overview of the Nicaraguan economy and demographics, and provides detailed information on the competitive landscape in the country.

Scope

The report provides in-depth market analysis, information and insights into the Nicaraguan insurance industry. Key Inclusions -

  • Insights and Dynamics of the Nicaraguan insurance industry.
  • Comprehensive overview of the Nicaraguan economy, government initiatives, country risk, and investment opportunities.
  • Nicaraguan insurance industry’s market structure giving details of retail and commercial lines of business and market forecasts to 2023.
  • Historical values for the Nicaraguan insurance industry for the report’s 2014–2018 review period, and projected figures for the 2018–2023 forecast period.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Nicaraguan insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Nicaraguan insurance industry.
  • Assess the competitive dynamics in the insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Nicaraguan insurance industry, and their impact on companies and the industry's future.


Executive Summary
Industry - Snapshot
Penetration and Density
Premium Trend
Industry Composition
Life Insurance
Premium
Key Indicators
General Insurance
Property
Motor
Liability
Financial Lines
Marine, Aviation and Transit
Personal Accident
Health
Miscellaneous
Reinsurance
Competitive Landscape
Composition of Top Five Insurers
Market Share
Appendix

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