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 Nacion.com 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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More on this topic

Insurance Market: Figures in 2018

January 2019

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.

Insurance Market Up 6%

August 2018

In the first five months of the year, total income from insurance premiums in Costa Rica added up to $682 million, registering an increase of 6% compared to the same period in 2017.

Between January and May of this year, growth of mandatory insurance was mainly due to the 14% increase registered in occupational risk premiums, according to a report by the General Superintendence of Insurance.

Costa Rica: Insurance Market in September 2016

November 2016

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.  

Costa Rica: Insurance Market in April 2016

July 2016

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.

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