Mapfre bets on lower cost insurance in El Salvador
Mapfre La Centro Americana (MLC), a subsidiary of Spain's Mapfre in El Salvador, expects to see US$65mn in premiums sold in the country this year, up 11% over 2015, according to local paper El Salvador.
Last year MLC complete a century operating in El Salvador, where it commanded 10.3% of the insurance market as of August 2016.
The company set the goal for 2016 of expanding to lower cost products as a way to reach other segments of society and to increase market penetration.
The strategy involves increasing the number of branches in the country from the current 16 to 20 by 2018.
Last year the insurer paid US$35mn in claims, mostly in car insurance, health and life insurance which are the most important in El Salvador, according to MLC's CEO José Tulio Urrutia.
The Salvadoran insurance market is composed of 24 companies which recorded 6% average annual premium growth for the last 10 years.
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