The Honduras general insurance market witnessed an increase at a compound annual growth rate (CAGR) of 4.8% from $0.3bn in 2016 to $0.3bn in 2021.

As per the data, the leading companies occupied 75.3% of Honduras’s total general insurance market.

1. Ficohsa Seguros

Ficohsa Seguros ranked number one in the country, reporting a growth of 10.6% compared with the previous year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

2. Seguros Atlantida

Ranking number two in Honduras’s general insurance market was Seguros Atlantida. The company registered a 0.2% decline compared with the premium in 2020. Among the leading general insurance companies, its position remained unchanged when compared with its previous years ranking.

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3. Mapfre Seguros Honduras

Mapfre Seguros Honduras ranked number three in Honduras’s general insurance market. Compared with previous year’s premium, the company registered a growth 8.8%. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

4. Pan American Life Insurance(Honduras)

Pan American Life Insurance(Honduras), which ranked number four in Honduras’s general insurance market, registered a 43.4% growth compared with last year’s premium. Its ranking among the leading general insurance companies in the previous year was eight, which now improved to number four.

5. Seguros del Pais

Seguros del Pais ranked number five in Honduras’s general insurance market. The company registered a decline of 4.2% compared with last year’s premium. From number four position in the previous year, the company’s ranking among the leading general insurance slipped to number five.

Methodology

This analysis is drawn from GlobalData’s Company LoB Breakdowns Database, which tracks key insurance metrics across segments, categories, and line of businesses for more than 150 markets, globally. The data is sourced from regulatory authority/industry association/company SFCR. This data is mapped to segments and categories as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.