Insurance: Market Growth Accelerates in 2019

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.

Wednesday, February 26, 2020

The 8% growth recorded in 2019 doubles the variation recorded in 2018, when the upturn amounted to 4%. According to the Superintendencia General de Seguros (SUGESE), the dynamism of the sector's sales represents not only a significant increase in the market, but also one that has been sustained over the last 11 years.

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According to the December 2019 statistical report prepared by SUGESE, all sectors grew, but the performance of compulsory and voluntary personal insurance stood out, with increases exceeding 10%.

For 2019, the most important voluntary insurance branches, according to the report, were automobiles, life, health and fire, and allied lines, consistent with historical behavior. These four branches represented 81% of the country's voluntary insurance premiums, the document explains.

The report adds that "... 74% of the value of general insurance premiums placed in 2019 corresponded to the INS. In second place was Assa, which represented 9.4%, while Qualitas was in third place, with 3.9%. Of these three entities, the only one that gained relative share was the INS, which increased by 1.1 p.p., while Assa fell by 0.8 p.p. and Qualitas decreased by 0.1 p.p.".

See full report (in Spanish).

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Insurance: Panamanian Market Not Rebounding

January 2020

In the first ten months of 2019, premiums of $1,265 million were subscribed in the country, 2% more than reported in the same period of the previous year, a rise that is less than the 5% year-on-year variation reported up to October 2018.

According to the last report of the General Comptroller of the Republic, between the first ten months of 2018 and the same period of 2019, fire and multi-risk insurance premiums recorded a 12% increase.

Insurance: Panamanian Market Grows to 4%

July 2019

During the first five months of the year, premiums of $643 million were written, 4% higher than the $619 million reported for the same period in 2018.

Statistics from the Superintendence of Insurance show that from January to May 2019, the three insurance companies subscribing the highest proportion of market premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with 26%, 16% and 15% respectively.

Insurance Market Keeps Rising

January 2019

In the first eleven months of 2018, premiums of $1.378 million were underwritten in Panama, exceeding by 6% the value reported in the same period of 2017.

The latest data from the Superintendence of Insurance and Reinsurance, detail that between the first eleven months of 2017 and the same period of 2018, the value of premiums underwritten went from $1.301 million to $1.378 million.

Dominican Republic: Insurance Market up to March 2018

May 2018

Growth in policies for health and boats and aircrafts accounted for most of the 19% growth recorded in the first quarter of the year.

Data from the Superintendency of Insurance indicates that during the third month of the year the agricultural and livestock sector registered an increase of 64% compared to March 2017, followed by health insurance, whose premiums increased by 27%.

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