Brokers & Insurance Agents in Nicaragua - 2024.06 Rankings
In the first half of 2024, the total volume of premiums intermediated by brokers reached 3,034 million Córdobas, up from 2,826 million in the same period in 2023. This represents a year-over-year growth of 7.3% in the broker channel, which continues to dominate the market in terms of volume. Individual brokers, though handling a smaller portion of the market, exhibited remarkable growth, increasing their intermediated premium volume from 106 million to 127 million Córdobas, a significant 20.1% rise compared to the previous year.?
While the overall market saw an average growth rate of 7.8% in premiums intermediated, individual brokers outpaced this benchmark, showcasing an upward trajectory in demand for tailored insurance solutions. ? ??
In terms of market share evolution, a handful of broker firms emerged as clear leaders in terms of growth. Risk Managers led the charge with a substantial 4.79% increase in its market share, indicating a successful strategy in client acquisition or portfolio expansion. Following Risk Managers, Advisers Corredores de Seguros achieved a 1.21% market share increase, and CAPESA captured an additional 0.97%. Corredores de Seguros Nicaragüenses and Assurance each saw a growth of 0.45% in market share, rounding out the top five list of firms with notable market gains.
The structure of Nicaragua’s insurance intermediary market is relatively concentrated, with 104 brokers and intermediaries currently operating. The top 10 brokers account for 49% of the total intermediated premium volume, illustrating a concentrated market where leading players hold substantial influence. Expanding this scope slightly, the top 20 brokers hold a combined market share of 67%, further underscoring the competitive landscape dominated by a core group of leaders.??
These dynamics highlight the influence of the largest brokers, yet also signal opportunities for smaller or emerging players to innovate and capture segments underserved by established firms. As the industry progresses, both large and small firms will likely focus on strategies to enhance customer engagement and market reach in an evolving insurance landscape in Nicaragua.
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Growth and competitive landscape in Nicaragua’s Insurance Market
As of September 2024, the total volume of net written premiums reached 7,626 million Córdobas, marking a nominal year-over-year increase of 9.3% from 6,978 million Córdobas in September 2023. This rise underscores the sector's resilience and growing demand, though specific types of coverage reveal diverse performance patterns. ?
Breaking down premium growth by coverage type, the automobile segment has shown remarkable momentum, achieving a 26.1% year-over-year increase in net written premiums, reflecting strong consumer demand. Life insurance also demonstrated significant expansion with a 14.8% increase, followed closely by mandatory insurance at 10.5%. Health insurance, however, remained relatively steady with only a 0.4% growth rate. In contrast, the fire insurance segment experienced a slight decline of 0.8%. ?
From a technical and financial perspective, the insurance market's operational dynamics are notable. Out of the 7,626 million Córdobas in net premiums, 3,934 million were ceded, highlighting the industry's reliance on reinsurance. Total claims amounted to 2,486 million Córdobas, while operational expenses reached 2,562 million, resulting in a technical profit of 284 million Córdobas. The final profit stood at 724 million.
Market share distribution remains competitive, with América leading at 23.8%, followed by Lafise at 23.1%, and Assa closely behind with 22.6%. Iniser holds 19.6% of the market, while Mapfre Nicaragua accounts for 10.9%. Despite América's lead, shifts in market share reveal that Mapfre Nicaragua achieved the highest year-over-year increase, gaining 2.95 percentage points, while Lafise saw an improvement of 0.72 percentage points.