Venezuela
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Nuevo Mundo aims to boost 2005 sales 53%

Bnamericas
Venezuelan insurer Nuevo Mundo Seguros is aiming to increase sales by 53% to 205bn bolívares (US$76mn) by year-end, local newspaper El Universal reported. The company is 12th in terms of overall market share, but 7th in the lucrative auto insurance market. "We have opened new offices in the key cities of Valencia and Maracaibo, in line with our expansion plans," a company spokesperson told BNamericas. "In addition, we upgraded out IT systems at a cost of US$500,000." The insurance industry reported 335bn bolívares in combined profits during the first six months. Profits came mainly on the back of high prices and strong auto insurance sales.

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