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. "
The amount of premiums written during the first half of 2014 totaled $657 million, which is 12% more than in the same period in 2013.
Of the total of premiums paid in the first six months of the year, health insurance, group life and car policies accounted for about 45%. In the case of auto insurance, one of the fastest growing in the country, the total was $112.4 million, 9.78% more than in the first half of 2013.
The sale of life, accident and health insurance rose from $113 million in June 2013 to $148 million in the same month in 2014.
Figures from the Superintendence of Insurance (SUG) show the growing interest on the part of Costa Ricans in policies for medical expenses and life coverage. While the premiums for personal expenses policies, including the two mentioned above, grew by 21% last year, the increase in overall policies in the same period was 12%. In total they invested $566 million.
Between December 2012 and December 2013 revenue from premiums went from $138 million to $156 million.
The pace of growth in the insurance sector in Nicaragua increased during the first quarter of 2014, registering premiums of $43 million, an increase of 21% compared to the same period in 2013.
Laprensa.com.ni reports that "... of the total premiums sold during 2013, the property insurance segment accounted for 71% of total sales, receiving $111.15 million, reflecting a growth of 10 5% compared to the $100.56 million sold in 2012. "
Products in the category of life, accident and health lead the 6% increase in premiums seen in the first three months of the year compared with the same period in 2013.
Total premiums paid in the first quarter amounted to $42 million, of which 37.4% were for first party car insurance, 21.0 % for fire insurance and associated lines, 19.09 % for life insurance (individual and collective) and the remaining 6.01 % for health insurance.
The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.
The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).
A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.
December 2012 Bulletin from the Superintendent of Insurance (SUGESE):
Basic Indicators
The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance. The retention of these total direct premiums compared to 2011 remained at 81% and the total retained earned premiums (allocated ) increased from 96% in 2011 to 91% in 2012.
The Central Bank of Costa Rica is putting to public consultation the Regulation for Defence and Consumer Protection Insurance.
The regulation will be under consultation until 27 December.
Nacion.com reports that "According to this regulation, all natural or legal persons who are properly identified can make complaints or appeals with insurance firms provided these requests relate to their interests or legally recognized rights."
At the end of last year, 2011, the insurance market reported a growth of 9.6% compared with 2010.
According to the National Commission for Banking and Insurance (CNBS), growth in premiums was $28.7 million.
"According to the insurance industry, the only decrease, of 4%, was in the general insurance section which includes vehicle and fire policies, ..." reported the Laprensa.hn