In Costa Rica, the Commission to Promote Competition stated that they do not agree with any type of exclusivity in the emergency medical insurance market for inbound tourism.
The Commission recommends not to allow initiatives that establish as a mandatory requirement for travelers, a medical insurance for inbound tourism, as it could detract from the country's competitiveness and increase the cost of traveling to Costa Rica.
The increasing importation of used vehicles, the increase in the number of motorcycles and the perception that the risk to which drivers are exposed is low, are some of the reasons that explain why the penetration of vehicle insurance in the Guatemalan market is still only 10%.
According to data from the Superintendence of Tax Administration (SAT) at the end of 2020 there were 4.11 million vehicles registered nationwide, this figure exceeded by 8% the 3.79 million reported at the end of 2019.
Because Costa Rica requires foreign visitors to take out a local policy, which costs more than $275 for a two-week stay, tour operators are asking that insurance taken out abroad be accepted as an incentive for tourist arrivals.
After more than four months of the country's borders being closed to tourists, commercial flights resumed on Aug. 3 with the arrival of an Iberia plane carrying more than 200 passengers from Spain.
From January to June 2020 in Nicaragua, the amount paid by insurers for life insurance increased by 54% compared to the same period in 2019, a rise that could be explained by the health crisis generated by the spread of covid-19.
Although the Nicaraguan government had only 116 deaths from covid-19 as of July 28, the numbers of insurance companies competing in the local market reflect another reality.
Last year in Nicaragua, insurance sales totaled $199 million, 4% less than in 2018, a drop that can be explained in part by the drop in life, health and accident policies.
Data from the Superintendence of Banks and Other Financial Institutions (Siboif) detail that between 2018 and 2019 premium sales fell by $9 million, from $208 million to $199 million.
In the first ten months of 2019, premiums of $1,265 million were subscribed in the country, 2% more than reported in the same period of the previous year, a rise that is less than the 5% year-on-year variation reported up to October 2018.
According to the last report of the General Comptroller of the Republic, between the first ten months of 2018 and the same period of 2019, fire and multi-risk insurance premiums recorded a 12% increase.
From January to August 2019, premiums of $1.026 million were subscribed, surpassing by 3% the $997 million reported in the same period of 2018, an increase lower than the 5% increase reported in July.
According to the most recent figures from the General Comptroller's Office of the Republic, between the first eight months of 2018 and the same period of 2019 the premiums for fire and multi-risk insurance registered a 16% increase.
Between January and June 2019, premiums increased 4% compared to the same period in 2018, partly because of a 5% increase in health policies and 6% in group life insurance.
The latest data published by the General Comptroller of the Republic indicate that between the first half of 2018 and the same period of 2019 the premiums of the branch of fire and multi-risk insurance registered a 12% increase.
In the last five years, the profits of insurance companies have increased, because in 2014 for every dollar collected companies obtained a profit of $0.03, and in 2018 the indicator rose to $0.10.
Data from the Panamanian Association of Insurers (Apadea) show that the sector's profitability is constantly growing, since for every dollar that insurers received in 2014 they obtained a $0.03 benefit, in 2015 the proportion rose to $0.06, in 2016 to $0.08, in 2017 to $0.09 and in 2018 to $0.10.
During the first quarter of the year in Nicaragua, premium income was down 6% from the same period in 2018, while claims payments increased 14%.
Figures from the Superintendence of Banks and Other Financial Institutions (Siboif) indicate that between January and March 2018, and the same period in 2019, premiums in the country fell from $55 million to $53 million.
During 2018, Guatemala's insurance sector increased 3% year-on-year, well below the 8% growth rate reported between 2016 and 2017.
According to figures presented by the Guatemalan Association of Insurance Institutions (AGIS), between 2017 and 2018 the total of premiums subscribed in the country went from $881 million to $907 million.
According to the association of insurers, the increase in the sector's income is partly because of the dynamism registered in the life and medical i
Because of vehicle and health insurance performance, premiums paid in Panama last year totaled $1.562 million, 6% more than in 2017.
Preliminary figures from the Superintendence of Insurance and Reinsurance detail that last year income from vehicle insurance totaled $321 million and increased 9% with respect to 2017.
During 2018, premiums paid for health insurance totaled $312 million, 7.8% more than reported in 2017.
During the first quarter of this year, the National Insurance Institute will begin to offer two new policy modalities aimed at the aquaculture and poultry sectors.
The Executive President of the National Insurance Institute (INS), Elian Villegas Valverde, explained last January 9 that the Poultry Insurance will cover hens for breeding, broiler and laying hens for consumption, while the Aquaculture Insurance, will focus on shrimp, fish and snapper spot.
In the first ten months of this year, premiums of $1.245 million were subscribed in the country, exceeding in 5% the value reported in the same period of 2017.
The most recent data from the Superintendence of Insurance and Reinsurance detail that between the first ten months of 2017 and the same period of 2018, the value of premiums subscribed went from $1,188 million to $1,245 million.
In Costa Rica, the average premium for Compulsory Automobile Insurance for 2019 was approved to increase by 12.5% with respect to current rates.
After requests made by the National Insurance Institute (INS) to the General Superintendence of Insurance (Sugese), it was reported that the increase was approved, so private vehicles will pay ¢22.192 ($35) for the insurance premium next year.