Nicaragua reports 60% rise in underwriting profits

The Nicaraguan insurance market closed the first half year of 2009 with a 45.8% in after-tax profits that reached U$S5.87bn against $4.03mn in 2008, according to a report prepared by Enrique J Lopez Peña (SEGUROS AMERICA) based on figures released by the Banks and Other Financial Institutions Authority (SIBOIF). Total premium income increased 6.81% and retained premiums increased 8.3%. The report says that the market showed underwriting and financial profits: “Underwriting performance gained a profit of U$S1.96mn, 59.8% more than in H/Y 1 2008. Financial profits reached U$S4.54mn, 37.4% more than in 2008”.