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.
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.
From January to July 2019, premiums of $910 million were subscribed, 5% higher than the $864 million reported in the same period of 2018.
According to the most recent report of the General Comptroller of the Republic, between the first seven months of 2018 and the same period of 2019 the premiums of the branch of fire and multi-risk insurance registered a 17% increase.
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.
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.
Data from the General Insurance Superintendence (Sugese) detail that during 2018 $139 million were paid for fire policies, and insurance companies disbursed $45 million for accidents and losses, which is equivalent to 33%.
The industry´s share of the GDP also went down, going from 2.3% to 1.9% in 2015, in a context of lower prices and increased accidents.
From a Bulletin by the Superintendent of Insurance of Costa Rica (SUG):
Total premium revenues reached ¢ 564.1 billion ($ 1.052 billion) in 2015, going down by 9%. Only general insurance revenues grew in a form similar to production and in a context of lower prices, as measured by the CPI (Consumer Price Index).
Growth in claims was double the growth in premiums in December 2015 in the Panamanian insurance market.
Premiums in Panama in December 2015 remained at very similar levels to those of the same month in 2014, according to the Insurance and Reinsurance Regulator in Panama. Accumulated premiums last December amounted to $1.385 million, 1.18% more than in December 2014.
In August 2015 a growth rate of 8% in claims and 4% in the value of premiums was recorded.
Although growth in claims has moderated compared to previous months, the Superintendency of Insurance and Reinsurance believes that the gap between the growth of premiums and claims is still wide and capital required of insurance companies and premium costs need to be raised.
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. "
Industry participants predict a year-end in the red because of a sharp increase in claims for losses.
Prensa.com reports: "Although total premiums up to October 2013 was $976 million, with growth in the sector of 9.6% compared to the same period last year, the directors of the Panamanian Association of Insurers (Apadea) predict that at the end of the year there will be a loss. "
Insurance companies in Costa Rica paid out 19% more in 2011 than the year before on account of damage claims.
Insurers paid out ¢186,960 million ($ 362 million) last year to compensate customers who suffered losses, which is 19% higher than expenditures in 2010.
In the first quarter, insurers have paid claims for damages of $139.2 million more than in the same period in 2010.
According to the Superintendent of Insurance and Reinsurance the payments for claims in the first quarter totaled $187.8 million, 286% higher than the $48.6 in the same period of 2010.
"For the sector's improvement, it will be key to adjust fees for products with high accident rates, as well as more careful subscription"
By the end of June 2009, net premiums had grown at an inflation adjusted rate of 9.8%, although lower growth should be expected for the end of the year, due to worse economic performance. Growth in individual insurance was remarkable (14% average), specially in collective life and accident and health, while general damage insurance saw a 7% increase.
Fitch Rating's Special Report: "Insurance Industry Costa Rica: End of the State's Monopoly"
Costa Rica's insurance industry had been dominated by a state-owned monopoly until the new Insurance Law of 2008; up to December 2008 it is the largest and fastest growing market in Central America (excluding Panama). Total premiums by the end of 2008 summed $611.5 million, with the region's largest year-on-year growth (19.4%).
español
2744
