Insurance: How is the Accident Rate Evolving?

In Nicaragua during 2020, a year marked by the pandemic generated by the covid-19 outbreak, the outlays for life insurance claims increased and for automobiles decreased.

Friday, January 8, 2021

Figures from the Superintendence of Banks and Other Financial Institutions (Siboif), detail that between January and November 2019 and the same period in 2020, the amount disbursed by insurance companies for life insurance coverage increased by 78%, from $10.7 million to $19 million.

Audry Figueroa, executive director of the Nicaraguan Association of Private Insurers (Anapra), told that "... we did indeed have an increase in life insurance claims during 2020. We cannot say that this is due to the pandemic, because of the limited information available. The causes of death presented to us do not determine it as cases of covid, but rather determine diverse causes."

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In contrast to the increase reported in the life insurance sector, official figures show a 16% decrease in the amount paid for automobile insurance claims.

According to the Siboif, between the first 11 months of 2019 and the same period in 2020, the disbursements went from $15.8 million to $13.3 million.

The article notes that "... this would match the decision of some employers to send their staff home to work, so people were less likely to drive to the companies where they worked."

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More on this topic

Life Insurance: Claims Increase

July 2020

From January to June 2020 in Nicaragua, the amount paid by insurers for life insurance increased by 54% compared to the same period in 2019, a rise that could be explained by the health crisis generated by the spread of covid-19.

Although the Nicaraguan government had only 116 deaths from covid-19 as of July 28, the numbers of insurance companies competing in the local market reflect another reality.

Nicaragua: Insurance Market Falls by 4%

February 2020

Last year in Nicaragua, insurance sales totaled $199 million, 4% less than in 2018, a drop that can be explained in part by the drop in life, health and accident policies.

Data from the Superintendence of Banks and Other Financial Institutions (Siboif) detail that between 2018 and 2019 premium sales fell by $9 million, from $208 million to $199 million.

Insurance: Profitability Falls

April 2019

During the first quarter of the year in Nicaragua, premium income was down 6% from the same period in 2018, while claims payments increased 14%.

Figures from the Superintendence of Banks and Other Financial Institutions (Siboif) indicate that between January and March 2018, and the same period in 2019, premiums in the country fell from $55 million to $53 million.

Insurance: Casualty Rate Increased in 2018

March 2019

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

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.

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