Nicaragua has LAC's lowest insurance rate

Wednesday, January 3, 2018

A financial inclusion study conducted by Nicaragua's central bank (BCN) indicated only 4.9% of the 7,908 individuals polled possessed some form of insurance, making for the lowest insurance penetration rate in the region.

According to the BCN study, coverage also depends on location. In urban areas 6% of participants declared to have insurance, in rural zones 3.4%, and in Managua 5%.

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Of the eight insurance categories listed in the study, life insurance was the most common, held by 53.2% of respondents who said they have some form of insurance.

Down the list, 32.2% of respondents said they had "accident insurance," and 28.3% said they held policies to "protect against losses or damage to third parties."

According to sector regulator SIBOIF, the five insurers operating in Nicaragua owned total assets of around US$353mn in November 2017. Additional details appear in the table below.