Since the borders were reopened and the country began to receive visitors, tourists have purchased more international policies, a situation that could be explained by the lower prices compared to insurance offered locally.
Data from the Costa Rican Ministry of Health show that between August 1, 2020 and February 11, 2021, 209,779 health insurance policies have been filed.
Discounts in fitness centers, in dental services or in consultations with psychologists, are some of the benefits offered by insurance companies in Costa Rica to maintain their portfolio of clients and attract new ones.
The National Insurance Institute (INS), Sagicor, Pan American Life Insurance, Océanica de Seguros and Mapfre, are some of the competitors in the Costa Rican market that offer this type of privileges in their policies.
The premiums paid for Compulsory Automobile Insurance and Occupational Hazard Insurance grew only 3% in the first half of the year compared to the same period in 2018, well below the 9% reported from January to June last year.
The National Insurance Institute (INS) reports that between January and June 2018 and the same period in 2019, premium income from the mandatory insurance in question rose from $240 million to $246 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%.
Faced with the Costa Rican government's plans to issue $6 billion in debt over six years, the productive sector demands that "parallel and complementary actions for economic reactivation" must be implemented.
Currently, the deputies of the Legislative Assembly of Costa Rica have in their hands the bill that would authorize the government to issue debt securities in the international market (Eurobonds), a proposal that contemplates that in the first two years $1.5 billion are issued each year, and that in the remaining four $3 billion are issued.
During the first quarter of this year, the National Insurance Institute will begin to offer two new policy modalities aimed at the aquaculture and poultry sectors.
The Executive President of the National Insurance Institute (INS), Elian Villegas Valverde, explained last January 9 that the Poultry Insurance will cover hens for breeding, broiler and laying hens for consumption, while the Aquaculture Insurance, will focus on shrimp, fish and snapper spot.
In Costa Rica, the average premium for Compulsory Automobile Insurance for 2019 was approved to increase by 12.5% with respect to current rates.
After requests made by the National Insurance Institute (INS) to the General Superintendence of Insurance (Sugese), it was reported that the increase was approved, so private vehicles will pay ¢22.192 ($35) for the insurance premium next year.
Ten years after the elimination of the insurance monopoly in Costa Rica, private insurers have managed to "steal" from the state company about 12% of the market.
Mapfre Seguros, Sagicor, Assa Compañía de Seguros and Best Meridian Insurance are some of the 12 private companies that have been competing in the Costa Rican insurance market since 2008, when the law came into force opening up the business which for more than 80 years was in the hands of a single company, Instituto Nacional de Seguros.
In Costa Rica, only the state insurer and Oceánica de Seguros presented proposals for the tender of the Social Security Fund's all-risk insurance service, estimated at more than $2 billion.
Taking part in the process to award a contract for a policy to protect all of the buildings, machinery, equipment, furniture, merchandise and even the collection of works of art and books and magazines owned by the Social Security department, were the National Insurance Institute (Instituto Nacional de Seguros or INS) and Oceánica de Seguros.
The OECD Consumer Policy Committee has approved policies on insurance and private pensions, and recommended improving risk-based supervision and promoting the participation of more insurers.
From a statement issued by the Ministry of Foreign Trade:
San José, January 31, 2018.After a technical review of the regulations in the insurance and private pension sectors (supplementary and voluntary pension schemes), the Private Insurance and Pensions Committee of the Organization for Economic Co-operation and Development (OECD) has issued a favorable ruling for the entry of Costa Rica to said Organization.
With $40 million from the state insurer, the Costa Rican Railway Institute could bring back into issue the railway line from Río Frío de Sarapiquí to the port of Limón.
Although the efficiency in the planning and execution of projects is not something that Instituto Costarricense de Ferrocarriles is famous for, the initiative to restore the railroad and reimplement the container transport service from the port of Limón to Río Frio could, if it finally materializes, help improve the damaged reputation of the state run railway company.
The state insurer could be willing to invest up to $500 million in road construction projects that already have their pre-design and studies ready.
The offer by Instituto Nacional de Seguros (INS) applies only for projects designated as "mature", that is to say, those that already have all the approved permits and pre-designs.The problem with this requirement, according to the executive director of the Federated College of Engineers and Architects (CFIA), is that planning problems faced by Conavi and the Ministry of Public Works make it impossible to meet this requirement."..."Unfortunately, it's not the way the Ministry of Public Works and Transportation (MOPT) and Conavi have been working," Vargas said."
The state insurer plans to invest just over $10 million in the construction of nine vehicle repair shops in different areas of the country.
The plan by the National Institute of Insurance (INS) is to stop using the network of external workshops to review and repair vehicles of its policyholders.
The nine workshops will be called Damage Inspection Centers, and will be built in different parts of the country.Crhoy.com explains that "...In San Jose they will be in Pavas, Curridabat and Pérez Zeledón; in the central canton of Alajuela; in the central canton of Carthage; in Heredia it will be in the canton of San Pablo; in Guanacaste it will be in Liberia; in Puntarenas will be located in Esparza and in Limón it will be built in Guápiles."
For the first time since the opening of the insurance market, the National Insurance Institute has lost its dominance in the health insurance segment, which is now led by Pan American Life Insurance.
The insurance company Pan American Life Insurance took 40% of the revenues generated by sales of medical insurance policies at the end of June this year.According to data from the Insurance Superintendency, Instituto Nacional de Seguros (INS)"... accounted for 38% of the business (¢16,935 million), followed by Aseguradora del Istmo (Adisa) with 6%."
The Comptroller confirmed the contract for the construction, under the turnkey format, of a medical center in Pérez Zeledón, San José province.
The contract between the National Institute of Insurance (INS) and the companies Consorcio Constructora Gonzalo Delgado, Consultancy and Design and Industrial Medical Electronics is for $5 million comprises "...