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:
"All risk construction policy (CAR):
1) Metro de Panamá S.A. and/or any subsidiary or Affiliated Companies: Government of the State of Panama and/or Metro de Panamá S.A.
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.
The Guatemalan insurance association reports that at the end of the year premiums totaled $926 million, 8% more than in 2016.
According to a report presented by the Guatemalan Association of Insurance Institutions, the growth of 7.7% was below the 9% that had been foreseen for 2017.It should be noted that medical insurance exceeded expectations, growing above 10%.
The process of forced liquidation of the Venezuelan company Seguros Constitución has now ended, with the assignment of the life insurance portfolio to Acerta Seguros, for an insured sum of $43 million.
The Insurance Settlement Board, appointed in late October 2015 to carry out the compulsory liquidation of the insurer, reported that in addition to the assignment of the life insurance portfolio, five real estate properties were sold for a total of $1.3 million.
For failing to comply with minimum capital requirements, the Superintendency of Insurance has ordered the intervention into Alliance Re Reassurance Suisse S.A. for a period of six months.
For failing to comply with article 47 of the insurance market law, the Board of Directors of the Superintendency decided to take over operation of the reinsurer for 180 days.In addition to breaching the minimum capital required by law, the reinsurer was late in submitting financial statements for the year 2015.
The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market.
Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according Elfinancierocr.com.
In the first nine months of the year premium income barely exceeded $1 billion, growing by less than 1% compared to the same period in 2015.
The premiums of insurance companies between January and September totaled $1.023 billion, registering a slight increase of 0.8% or $7.7 million compared with the $1,015 million in the same period last year, according to the Superintendency of Insurance in Panama.
Insurers must make separate analysis for each insurance categories and when the results are deficient, they should have reserves.
Agreement 4 approved in April by the Superintendent of Insurance of Panama adds that when the results aredeficit for two consecutive years,"... in addition to the reserve an analysis must be submitted to the regulator of the causes of the deficiency and a plan to correct it. Once the category has positive results again, the reserve can be released and the company can make use of it."
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 June 2015, the Salvadoran insurance industry recorded a growth rate of 4%, higher than the 2.4% increase recorded in the first half of 2014.
From a report by Fitch Ratings Central America:
Continuous growth: In June 2015, the insurance industry of El Salvador recorded a growth rate of 4% compared to the first half of 2014 (1S14), given a growth in the economy of 2.4%, according to central bank data.
An accounting change in state insurance company explains the reduction of 3% in total industry premiums at the end of the first half of 2015 compared to the same period in 2014.
From a report by Fitch Ratings:
Sustained Growth: Since the opening of the Costa Rican insurance market to private competition in 2008, the market has experienced high and constant growth in premiums .
In the first five months of the year premiums totaled $77.9 million, 4% more than in the same period in 2014.
Despite being the smallest of the region's insurance markets, the rate at which premiums sold by the five insurance companies operating in the country have grown allows them to estimate that at the end of 2015 they will reach $200 million in revenue, a figure higher than the $172 million in 2014.
A ruling was given that there was manipulation and suppression of offers made for the purpose of market-sharing in the AFP’s tender for hiring of Disability Insurance.
From a statement issued by the Superintendency of Competition (SC):
The Board (CD) of the Superintendency of Competition (SC) has fined the insurance companies Asesuisa Vida, SA, Personal Insurance; Sisa Vida SA Personal Insurance; and AIG Life SA Personal Insurance for violating Art. 25 of the Competition Act (LC), having made an anticompetitive agreement on public procurement procedures called by the Pension Fund Administrators (AFP) Crecer y Confía, for hiring Disability Insurance (SIS) during the period April 2008 to April 2012.
The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.
In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively.