Insurance: Casualty Rate Increased in 2018

Between 2017 and 2018, Costa Rica's fire and property casualty rates increased from 18% to 33% and from 29% to 37%, respectively.

Tuesday, March 26, 2019

The general industry accident rate, which measures the proportion of claims payment expenses to total policy income, also increased in the last two years, from 48% in 2017 to 51% in 2018.

Data from the General Insurance Superintendence (Sugese) detail that during 2018 $139 million were paid for fire policies, and insurance companies disbursed $45 million for accidents and losses, which is equivalent to 33%.

You may be interested in "Insurance Market: Figures in 2018"

In the case of property damage insurance, the accident rate was 37%, as $54 million was paid last year for policies and insurance companies paid $20 million in indemnities.

Elian Villegas, executive president of the National Insurance Institute (INS), confirmed to Nacion.com that, "... in 2017, they had a significant drop in fire compensation and property damage, which increased again in 2018."

Also see "Outlook for the Insurance Market"

Villegas added that "... In caution there were more cases, small compared to the volume of the Institute, but there was a greater amount of claims. Most of them were cases of credits given to companies."

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