The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market.
Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according Elfinancierocr.com.
Income from insurance premiums grew by 15% compared to the same month in 2015, reaching $924 million.
From the Monthly Bulletin by the Superintendent of Insurance:
Income from insurance premiums grew by 15% compared to September 2015, reaching ¢497 billion colones.Growth remains widespread by category and personal insurance is still the most dynamic category.The contribution of compulsory insurance, as explained in previous bulletins, responds to the increase in SOA in January 2016 due to accounting changes because RT premiums decreased by 20% year on year.
The insurance company founded on Chilean and Venezuelan capital had been subject of an intervention by the Superintendency of Insurance and Reinsurance of Panama in September, after it was detected that there was insufficient equity.
Prensa.com reports that "...This is thesecond liquidation made by the regulator in a year.In October 2015, theSuperintendent also ordered the same to be doneto Seguros Constitución, also of Venezuelan capital, after financial and administrative breaches were detected."
In the first nine months of the year premium income barely exceeded $1 billion, growing by less than 1% compared to the same period in 2015.
The premiums of insurance companies between January and September totaled $1.023 billion, registering a slight increase of 0.8% or $7.7 million compared with the $1,015 million in the same period last year, according to the Superintendency of Insurance in Panama.
Since January a downward trend has been noted in premiums receivable by insurance companies operating in the country, reaching $232 million in September.
The report"Quarterly Bulletin of Statistics of the Insurance Business - September 2016"by the Superintendency of Banks of Guatemala, reveals figures from the operation of insurance companies registered in the country, including details on premiums receivable, cash, the financial position of each one and the main items of investment, among other things.
Insurers must make separate analysis for each insurance categories and when the results are deficient, they should have reserves.
Agreement 4 approved in April by the Superintendent of Insurance of Panama adds that when the results aredeficit for two consecutive years,"... in addition to the reserve an analysis must be submitted to the regulator of the causes of the deficiency and a plan to correct it. Once the category has positive results again, the reserve can be released and the company can make use of it."
Three insurers accounted for 46% of the $693 million in premiums sold in the local market during the first half of the year.
Assa Compañía de Seguros, Mapfre Panama and Internacional de Seguros (IS) are the three insurers that accounted for almost half of the premiums sold between January and June this year.Assa recorded premiums of $122 million, followed by Mapfre, with $102 million and IS, with $98 million.
Income from voluntary insurance premiums grew by 18% in relation to June 2015, reaching $490 million.
From a monthly report by the Superintendent of Insurance:
The evolution of compulsory insurance in respect to previous months is: 32% growth that corresponds to an increase of ¢38.6 billion colones in SOA, concentrated in January of this period as a result of a change in the accounting methodology, specifically, for the SOA period, premiums that were previously registered in December of each year were recorded in January 2016 of this year.RT premiums decreased by ¢15.6 billion colones.
A call has been made to participate in the auction of property located in Punta Paitilla, owned by the Venezuelan company Seguros Constitución, which was taken over in August 2015.
The Superintendency of Insurance in Panama reports that the auction will be held on June 15, with a base price of $3.4 million. The property to be auctioned is commercial premises number 5 on three storeys, located in the Plaza Paitilla Mall on Avenida Balboa, Calle 56-A, Punta Paitilla, town of San Francisco.
The $6.6 million in assets held by Seguros Constitución, which have been frozen since August 2015, are not sufficient to cover the company's liabilities, which total $26 million.
According to a report prepared by the board of liquidators on April 28, "... there are not enough liquid funds to begin the approved loan payments ", therefore they will proceed to pay according to the order of priority and resources available.