Costa Rica: Insurance Market in September 2016

Income from insurance premiums grew by 15% compared to the same month in 2015, reaching $924 million.

Wednesday, November 23, 2016

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.  

All companies in the category of personal insurance grew, year on year, by between 23% and 132%, therefore the performance of this category is the result of generalized dynamics, except for the case of Seguros del Magisterio which showed a decrease of 4, 5% in the period.

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Last year, total income from insurance premiums in Costa Rica accumulated $ 1,449 million, 8% more than reported in the previous year, a variation that doubles the 3.5% increase recorded between 2017 and 2018.

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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 Premiums Up 16% in 2016

January 2017

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. 

Insurance Trends in Nicaragua

September 2014

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.

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