Compulsory Insurance Grows Little in Costa Rica

The premiums paid for Compulsory Automobile Insurance and Occupational Hazard Insurance grew only 3% in the first half of the year compared to the same period in 2018, well below the 9% reported from January to June last year.

Wednesday, September 25, 2019

The National Insurance Institute (INS) reports that between January and June 2018 and the same period in 2019, premium income from the mandatory insurance in question rose from $240 million to $246 million.

The increase in the amount of premiums recorded in the first part of 2019, which occurs in a context of economic slowdown, is less than those reported in previous years, since for the first half of 2017 and 2018, year-on-year variations were 35% and 9%, respectively.

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Sidney Viales, head of the Directorate of Solidarity Insurance of the INS, explained to that "... The growth it had during this year is not attributed to the income of new premiums, but to the payment of vehicles that were not paid in previous years and that the owners were updated in the payment of their traffic rights, in part motivated by the tax amnesty."

The article adds that "... The INS explained that unemployment and the growth of informality have had a direct impact on the premium to be collected by the Labor Risks Insurance side. As there are fewer salaried workers, the amount of the payroll decreases and this affects the calculation of the premium charged for this concept."

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