La Centroamericana to launch farm ins. in 2005

The Salvadorian insurer La Centroamericana is evaluating the possibility of entering the agricultural sector at the start of 2005, which would make it the second player in the market to offer the coverage, local newspaper, El Mundo reported. Currently, only one of the eighteen insurance companies operating in El Salvador covers agricultural risk: Seguros del Pacífico. La Centroamericana has found studying the reality of the agricultural sector and the management of risk that would assist the creation of insurance in this class, Antonio Penedo, president of La Centroamericana said. The company, a subsidiary of the Spanish insurer Mapfre, registered US$18.2mn in premiums and a market share of 12.3% during the first half of 2004.