Insurance Industry in Costa Rica
Fitch Rating's Special Report: "Insurance Industry Costa Rica: End of the State's Monopoly"
Thursday, September 17, 2009
Costa Rica's insurance industry had been dominated by a state-owned monopoly until the new Insurance Law of 2008; up to December 2008 it is the largest and fastest growing market in Central America (excluding Panama). Total premiums by the end of 2008 summed $611.5 million, with the region's largest year-on-year growth (19.4%). However, market penetration is still very low: 2.2% of the GDP in December 2008, less than the region's average of 3%.
"For the sector's improvement, it will be key to adjust fees for products with high accident rates, as well as more careful subscription"
Fitch Central America published a special report called "Central American Insurance Sector: Performance in the First Half of 2009 and Outlook for 2010".
Fitch's Special Report analyzes the characteristics, strengthens and performance for the current year and the short term outlook for the sector.
Fitch Ratings expects moderate growth in premiums in Costa Rica, increased interest in personal insurance in Guatemala, and stable performance in Nicaragua and Honduras.
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