Voluntary insurance made up the main component of growth compared to 2015, with a consequent reduction in the share of compulsory insurance.
From a monthly report by the Superintendent of Insurance:
In 2016, revenues from insurance premiums grew by ¢90.7 billion (16%) compared to 2015, closing the year at ¢655 billion.Growth was widespread by category and in all cases, higher than the main macroeconomic indicators.
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.
Income from voluntary insurance premiums grew by 25% compared to April 2015, due in most part to the increase in personal insurance.
From the quarterly report by the Superintendent of Insurance of Costa Rica:
"Revenues from voluntary insurance premiums increased by 25% in relation to April 2015, reaching ¢265 billion colones.The growth of this type of insurance remains one of the main driving forces, but its growth responds, on the one hand, to an increase of ¢ 38.6 billion colones in the SOA, since RT premiums decreased by ¢12.9 billion colones.
A rate of $3 will be charged to tourists for entering the country in order to provide assistance in case of incidents during their stay.
The proposal is similar to the free insurance for tourists in Panama implemented in previous years, and aims not only to provide assistance in the case of theft or other accidents but also to use part of the funds raised in the international promotion of the country as a tourist destination.
Auto policies are the fastest growing category, with an increase of 14% so far this year compared to 2013.
Lack of a culture of prevention is preventing the emerging Nicaraguan insurance market from achieving high growth rates in most policies. Car policies are the most sought after, but those for life, property and health are growing slowly.
"... In 2013, the insurance industry paid $40 million in personal insurance, which included life insurance, accident and health insurance and pension income; also in property insurance including car insurance, fire and other policies, $105.2 million was paid."
Two years after the amendment to the Law of the sector, the insurance market covering risks for short periods at low costs has been consolidated.
Banks and supermarkets are some of the outlets that insurance companies use to market a product that has established itself as a commercial operation with a low risk for insurers.
"The results of the implementation of Law 12 of April 3, 2012 are apparent to Jorge Barreiro Troitiño, corporate vice president of Nacional de Seguros, who said that just after 2012 the number of customers the company has increased by 50%, reaching 80,000 customers. "
During the first half of 2012, the insurance sector in Latin America had a premium volume of $77,085 million, maintaining growth rates of two digits.
According to César Quevedo, deputy director of the Institute of Science at Seguro de Fundación Mapfre, the insurance industry is "key" to this global market.
On presenting the report, "The Latin American insurance market," the official noted that this "is a key region for the present and future in global insurance."
A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.
December 2012 Bulletin from the Superintendent of Insurance (SUGESE):
Basic Indicators
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, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.
The undisputed leader remains the Instituto Nacional de Seguros (INS), with a 90.2% market share and among the private companies the strongest are Mapfre and Assa with a 9.6% share between them.
According to the Superintendent of Insurance, the largest segment of the market is the general insurance category (51%), followed by sickness insurance (26%) and personal life policies (26%).