Insurance premiums up 41% through Nov.

The Venezuelan insurance sector saw issued net premiums rise 41% to 4.3tn bolívares (US$2.2bn) through the first eleven months of last year compared to the same period 2003, according to a report from insurance regulator Sudeseg. Venezuela's top ten insurance companies issued 70.4% of the system's total premium volume through November. Insurer Caracas de Liberty Mutual issued 15.9% of total premiums, while Mapfre La Seguridad and Mercantil contributed 9.7%, followed by Previsora at 7%, according to Sudeseg. Total claims in the insurance industry grew 28% nominally and 8.8% in real terms to 2.6tn bolívares through November compared to the same period 2003. The industry's total costs, including commission, acquisition and administration costs, rose 34% in November compared to the same month 2003.