As of March 20, the government agreement that requires passenger and cargo transport units to take out civil liability insurance will become effective in the country.
On February 12, 2020, government agreement 17-2020 was published in the Diario de Centroamerica, requiring owners of trucks, panels and pickups, as well as micro and urban buses, taxis, motorcycle taxis and "tuc tucs", to have an insurance policy.
Panamanian businessmen consider unviable the bill that intends to force insurance companies to cover medical expenses related to the coronavirus.
The bill, which was presented by Representative Zulay Rodriguez, seeks to ensure that insurance company clients are attended to in case they are infected with covid-19, however, policies do not usually provide coverage when the disease is declared as an epidemic or pandemic.
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.
The 8% growth recorded in 2019 doubles the variation recorded in 2018, when the upturn amounted to 4%.
Last year, premiums of Ch$1,567 million were written in the country, a figure that did not change significantly from the Ch$1,569 million reported in 2018.
Figures from the General Comptroller of the Republic detail that between 2018 and 2019 premiums in the branch of fire and multi-risk insurance registered a 5% increase.
In the first eleven months of 2019, premiums were written in the country for Ch$1,395 million, and sales of personal accident insurance grew 7% over the same period last year.
Figures of the General Comptroller of the Republic detail that between the first eleven months of 2018 and the same period of 2019, fire and multi-risk insurance premiums recorded a 10% increase.
Last year in Nicaragua, insurance sales totaled $199 million, 4% less than in 2018, a drop that can be explained in part by the drop in life, health and accident policies.
Data from the Superintendence of Banks and Other Financial Institutions (Siboif) detail that between 2018 and 2019 premium sales fell by $9 million, from $208 million to $199 million.
Atlántida Vida insurance company started operations in the local market and will be focused on the life and health sector.
The new participant, which will start with a capitalization of $6.2 million and is projected to reach $10 million in premium income, belongs to the Honduran business group Inversiones Atlántida.
The Ministry of Justice and Public Security tenders the supply of different insurance policies for the institution and its agencies at the national level.
Having the possibility of offering complementary private insurance for medical care and social security pensions is one of the proposals of the union in Guatemala.
Directors of the Guatemalan Association of Insurance Institutions (AGIS) indicate that they have developed proposals to seek such synergies with the Guatemalan Social Security Institute (IGSS).
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.
The Refinadora Costarricense de Petróleo will contract insurance coverage of different types, for a one-year period that can be extended for two equal periods, at the option and discretion of the institution.
Except for Nicaragua, which projects a decline in revenues, Fitch Ratings estimates that by year-end the region's insurance markets will have grown from 3% to 8%.
According to the report Perspectives of Insurance Industry in Central America, prepared by the rating agency Fitch Ratings, El Salvador will be the market that in 2019 will register more dynamism in the region, reporting an 8% increase over revenues reported in 2018.
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