Premiums up 21.2% Jan.-Mar.

Premiums in Venezuela's insurance industry rose 21.2% to 713bn bolivares (US$93mn) during the first three months this year, compared to the same period in 2002, the insurance regulator informed. Sources from the insurance sector told local daily El Universal the premium rise was due in large part to policy price hikes made in January. Claims grew 28.9% in March compared to the previous month, while the claims ratio reached 70.4% by end-March, up 8.7 percentage points compared to the end of February. Administrative and commission expenses were up 19.3%.