Lewes, DE -- (SBWIRE) -- 07/30/2014 -- The Honduran economy is currently recovering from the 2008 global financial crisis, which hampered the overall development of the country’s insurance industry. Political crises in the country were a major concern during 2009 and 2010, particularly those concerning plans to rewrite the country’s constitution. Despite this, growth in the tourism sector, recovery in the US economy and an increase in exports, public investments and higher remittances all contributed to the recovery of the country’s economy during the review period (2009–2010). Honduras is the third-largest exporter of textiles to the US, after China and Mexico, with textiles constituting more than half of the country’s exports in 2013. The Honduran insurance industry grew at a review-period CAGR of 8.8%. The growth in the industry was partially due to the strong performance of the life insurance segment, as well as personal accident and health insurance.
- The Honduran insurance industry is moderately concentrated, with three of the country’s 12 operating companies accounting for 56.3% of the industry’s gross written premium in 2013.
- The Honduran insurance industry grew registering a review-period CAGR of 8.8%. The growth in the industry was partially due to the strong performance of the life segment, as well as personal accident and health insurance.
- Key infrastructure developments in the country include the improvement of road access to the city of San Pedro Sula, one of the country’s industrial hubs. The project is financed by the Inter-American Development Bank, with a value of HNL378.0 million (US$20 million).
- According to the World Bank Report 2014, Honduras is one of the most difficult countries in which to establish a business.
- Honduras is highly prone to natural disasters, such as hurricanes and droughts.
Spanning over 154 pages, 104 Tables and 104 Figures “The Insurance Industry in Honduras, Key Trends and Opportunities to 2018” report covering Executive Summary, Introduction, Honduran Insurance Industry Overview, Industry Segmentation, Governance, Risk and Compliance, Competitive Landscape, Economic Indicators, Appendix. This report Covered 5 Companies - Interamericana de Seguros SA, Seguros Atlántida SA, Mapfre Seguros Honduras, SA , Pan-American Life Insurance Company , Seguros del Pais.
Know more about this report at : http://www.marketresearchreports.com/timetric/insurance-industry-honduras-key-trends-and-opportunities-2018
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