In Costa Rica, the Commission to Promote Competition stated that they do not agree with any type of exclusivity in the emergency medical insurance market for inbound tourism.
The Commission recommends not to allow initiatives that establish as a mandatory requirement for travelers, a medical insurance for inbound tourism, as it could detract from the country's competitiveness and increase the cost of traveling to Costa Rica.
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.
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.
In the first five months of the year, total income from insurance premiums in Costa Rica added up to $682 million, registering an increase of 6% compared to the same period in 2017.
Between January and May of this year, growth of mandatory insurance was mainly due to the 14% increase registered in occupational risk premiums, according to a report by the General Superintendence of Insurance.
Income from voluntary insurance premiums grew by 18% in relation to June 2015, reaching $490 million.
From a monthly report by the Superintendent of Insurance:
The evolution of compulsory insurance in respect to previous months is: 32% growth that corresponds to an increase of ¢38.6 billion colones in SOA, concentrated in January of this period as a result of a change in the accounting methodology, specifically, for the SOA period, premiums that were previously registered in December of each year were recorded in January 2016 of this year.RT premiums decreased by ¢15.6 billion colones.
Growth projections for 2020 in premium income are of 135% for Costa Rica, and 97% for the rest of the region.
A report entitled "Performance of Costa Rican Insurers in the Central American Environment" states that Costa Rica has a higher growth potential given it has "...
US insurer BlueCross BlueShield, has announced the opening of its operations in the country, which will be part of the Puerto Rican Triple-S Group.
From a statement issued by BlueCross BlueShield Costa Rica:
Insurer arrives in the country with plans for complementary health
• Member of the BlueCross BlueShield Association (BCBSA), an organization of more than 37 healthcare companies in the United States and other countries and which serves, through them, over 100 million policyholders.
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 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.
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). The remaining 11.9% is made up of the Insurers Aseguradora del Istmo, with 7.4%, and other market participants (Mapfre, BMI, Atlantic Sauther, SM) with 4.5%.
The insurance firm Assa has gained ground focusing on selling insurance to companies, and among the new participants in the market, it has obtained the best results.
Figures from the Superintendent of Insurance (SUG), reveal that for December 2012, Assa Insurance Company had the highest revenue from premiums of all the private firms and was one of the best earners.
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."
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