The insurance for the construction of the civil works, auxiliary installations of line and stations, supply and installations of the integral system, of the Line 3 of the Panama Subway, is tendered for 54 months.
Panama Government Purchase 2020-2-80-0-08-LP-002878:
For failing to comply with minimum capital requirements, the Superintendency of Insurance has ordered the intervention into Alliance Re Reassurance Suisse S.A. for a period of six months.
For failing to comply with article 47 of the insurance market law, the Board of Directors of the Superintendency decided to take over operation of the reinsurer for 180 days.In addition to breaching the minimum capital required by law, the reinsurer was late in submitting financial statements for the year 2015.
The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market.
Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according Elfinancierocr.com.
In the first nine months of the year premium income barely exceeded $1 billion, growing by less than 1% compared to the same period in 2015.
The premiums of insurance companies between January and September totaled $1.023 billion, registering a slight increase of 0.8% or $7.7 million compared with the $1,015 million in the same period last year, according to the Superintendency of Insurance in Panama.
In June 2015, the Salvadoran insurance industry recorded a growth rate of 4%, higher than the 2.4% increase recorded in the first half of 2014.
From a report by Fitch Ratings Central America:
Continuous growth: In June 2015, the insurance industry of El Salvador recorded a growth rate of 4% compared to the first half of 2014 (1S14), given a growth in the economy of 2.4%, according to central bank data. According to Fitch Ratings, economic growth will reach 2%, thus restricting the increase in premiums which could be 6% by the end of 2015. This will be influenced by the use of non-traditional marketing channels, creating opportunities in new market segments, especially through micro personal and bank insurance lines.
An accounting change in state insurance company explains the reduction of 3% in total industry premiums at the end of the first half of 2015 compared to the same period in 2014.
From a report by Fitch Ratings:
Sustained Growth: Since the opening of the Costa Rican insurance market to private competition in 2008, the market has experienced high and constant growth in premiums . However, at the end of the first semester of 2015 (1S15), the industry had reduced premiums by 3% compared to 1S14, due to a reclassification of accounts which affected the state company, the National Insurance Institute (INS; market share: 83%). Meanwhile, privately owned companies increased their premiums by 17% due to the innovation of new products and alternative distribution channels.
In the first five months of the year premiums totaled $77.9 million, 4% more than in the same period in 2014.
Despite being the smallest of the region's insurance markets, the rate at which premiums sold by the five insurance companies operating in the country have grown allows them to estimate that at the end of 2015 they will reach $200 million in revenue, a figure higher than the $172 million in 2014.
The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.
In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively.
The Superintendency of Insurance in Costa Rica is planning to start the process of opening up the market for compulsory automobile insurance in the first quarter.
In order to liberalize the market for compulsory automobile insurance, there first needs to be a review and approval of a decree which will focus on the regulation of the sale of insurance from the National Insurance Institute (INS) to private companies.
Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth.
According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies.
The Superintendent of Insurance is preparing a bill to promote market development by encouraging the installation of foreign reinsurance companies in the country.
The bill, still in draft form, aims to attract major reinsurance companies to the country and use the market already operating in the country as a platform.
In August 2014 the field of health and personal accident was the category which recorded the biggest loss, equivalent to $7 million.
A monthly report by the Guatemalan Association of Insurance Institutions shows that the categories of personal health and auto accident and were two which experienced the greatest losses in the month of August.
Insurers say the highly competitive market is generating large variations in the prices of premiums, particularly in auto policies.
Growth in claims, primarily in motor insurance, which increased 14% in the first half of the year compared to the same period in 2013, is generating increases in prices of premiums.
Claims are growing at a faster rate than the premiums paid by customers, which rose by 9.94%, after going from $117,696,000 in the first seven months of 2013 to $129,395,000 between January and July this year. According to Berguido, these figures indicate that, contrary to what was expected, there are not yet "significant price increases" in premiums and they are not widespread.
As of July claims for payments totaled $284 million, with personal insurance policies having increased the most.
In the case of personal accident insurance, registered insurance companies reported an increase of 13% between July 2013 and March this year. "...Within this category, those that grew the most were those of health and accident insurance, going from $26 million to $28 million. "
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