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. Of the total number of policies, 54% are international, 34% from Sagicor and 12% from the National Insurance Institute (INS).
The increasing importation of used vehicles, the increase in the number of motorcycles and the perception that the risk to which drivers are exposed is low, are some of the reasons that explain why the penetration of vehicle insurance in the Guatemalan market is still only 10%.
According to data from the Superintendence of Tax Administration (SAT) at the end of 2020 there were 4.11 million vehicles registered nationwide, this figure exceeded by 8% the 3.79 million reported at the end of 2019.
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.
As a result of the damage and losses caused by covid-19 and tropical storms Iota and Eta, insurers in Guatemala have received compensation claims of about $65 million.
According to statistics from the Guatemalan Association of Insurance Institutions (Agis), due to the Eta storm, up to November 30th, 1.005 claims were reported for floods or slopes, which amounted to about $32 million. For Iota, the insurance companies received 120 claims, which together amounted to approximately $2 million.
Between July and October 2020, the number of people in Guatemala exploring options for life insurance online increased by 3%, and the number of Panamanian consumers seeking auto insurance increased by 39%.
CentralAmericaData's interactive platform, Consumer Insights, monitors in real time changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
Despite the impact of the crisis caused by the covid-19 outbreak, between January and June 2020, income generated by net premium sales in El Salvador increased by 2%.
Data provided by directors of the Salvadoran Association of Insurance Companies (ASES), highlights that in the first half of the year net premiums were sold in the country for $345 million, an amount that is 2.3% higher than that reported for the same period in 2019.
The current scenario of reactivation of commercial flights and tourist activities, are an opportunity for insurers to increase their sales, since the hiring of a policy is a mandatory requirement for tourists to be allowed to travel.
Products that offer a refund in the event of having to cancel the trip due to illness, as well as coverage at the destination if the person becomes ill, both for medical expenses and for lodging in case a quarantine is needed, constitute a great opportunity in this context of the spread of covid-19.
Although the covid-19 outbreak in Guatemala has increased interest in medical and life insurance, it is expected that because of the economic crisis, group insurance sales will be affected.
Figures revealed by directors of the Guatemalan Association of Insurance Institutions (AGIS), detail that so far the months with the highest incidence of positive cases have been June and July.
The executive decree was modified to allow tourists arriving in Costa Rica to present a policy taken out abroad as part of the requirements for reopening international tourism.
The Costa Rican government decided to reform Executive Decree 42513-MGP-S and now foreign visitors will no longer be required to take out National Insurance Institute (INS) policies, the price of which exceeds $275 for a two-week stay.
Because Costa Rica requires foreign visitors to take out a local policy, which costs more than $275 for a two-week stay, tour operators are asking that insurance taken out abroad be accepted as an incentive for tourist arrivals.
After more than four months of the country's borders being closed to tourists, commercial flights resumed on Aug. 3 with the arrival of an Iberia plane carrying more than 200 passengers from Spain.
From January to June 2020 in Nicaragua, the amount paid by insurers for life insurance increased by 54% compared to the same period in 2019, a rise that could be explained by the health crisis generated by the spread of covid-19.
Although the Nicaraguan government had only 116 deaths from covid-19 as of July 28, the numbers of insurance companies competing in the local market reflect another reality.
Due to confinement, the economic crisis and vehicle restriction measures, two out of ten customers in Guatemala cancelled their car insurance.
The spread of covid-19 has generated a health and economic crisis in the country, a situation that caused falls in the income of insurance companies, however, the sector's union considers that it is a temporary effect and that in the coming months sales could recover.
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:
The National Commission of Banks and Insurance Companies is tendering the collective life and hospital medical insurance policy for the staff of the institution for the years 2021, 2022 and 2023.
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