The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.
In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively.
The National Insurance Institute (Instituto Nacional de Seguros) has established a technical standard on the conditions which companies must meet in relation to occupational insurance for their staff.
The National Insurance Institute of Costa Rica has ruled on the provisions of the Labour Code to ensure the provision of cash benefits, medical and health benefits and rehabilitation, as well as the financial strength of the regime.
A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.
December 2012 Bulletin from the Superintendent of Insurance (SUGESE):
The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance. The retention of these total direct premiums compared to 2011 remained at 81% and the total retained earned premiums (allocated ) increased from 96% in 2011 to 91% in 2012.
In Costa Rica compulsory motor insurance remains the monopoly of the state run insurance company, the INS.
A constitutional action filed against the opening up of the market for the Workplace Insurance, arguing that "this social insurance is designed to provide universal coverage at no cost to all people working in the country, against any accident or illness resulting from their activity ", has also detained the liberalization of the market for compulsory insurance for motor vehicles.
A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.
From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":
The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth. The countries with the highest contribution in the production of $3.44 billion dollars that the industry reached the end of 2011, are Panama and Costa Rica, a positive sign that the region is recovering from the economic crisis.
The Superintendence of Insurance (SUG) announced the approval of the branch of the insurance company.
Atlantic Southern Insurance Company (ASIC) joins ten insurance companies which are already authorized by SUG.
"According to a statement from SUG, ASIC has a conditional approval and, therefore, has four months to comply with various requirements of the Law which regulates the insurance market (8653)", reported Elfinancierocr.com.
The Metro Department is inviting bids for risk and social liability insurance policies.
The policies issued are for all-risk construction policies (TCR) and civil liability (RC) under the OCIP program (Owners Controlled Insurance Program) as required by the Metro Department of Panama for the construction of Line 1 of the Panamanian Metro.