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.
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.
Income from insurance premiums grew by 15% compared to the same month in 2015, reaching $924 million.
From the Monthly Bulletin by the Superintendent of Insurance:
Income from insurance premiums grew by 15% compared to September 2015, reaching ¢497 billion colones.Growth remains widespread by category and personal insurance is still the most dynamic category.The contribution of compulsory insurance, as explained in previous bulletins, responds to the increase in SOA in January 2016 due to accounting changes because RT premiums decreased by 20% year on year.
A rate of $3 will be charged to tourists for entering the country in order to provide assistance in case of incidents during their stay.
The proposal is similar to the free insurance for tourists in Panama implemented in previous years, and aims not only to provide assistance in the case of theft or other accidents but also to use part of the funds raised in the international promotion of the country as a tourist destination.
In August 2014 the field of health and personal accident was the category which recorded the biggest loss, equivalent to $7 million.
A monthly report by the Guatemalan Association of Insurance Institutions shows that the categories of personal health and auto accident and were two which experienced the greatest losses in the month of August.
Two years after the amendment to the Law of the sector, the insurance market covering risks for short periods at low costs has been consolidated.
Banks and supermarkets are some of the outlets that insurance companies use to market a product that has established itself as a commercial operation with a low risk for insurers.
"The results of the implementation of Law 12 of April 3, 2012 are apparent to Jorge Barreiro Troitiño, corporate vice president of Nacional de Seguros, who said that just after 2012 the number of customers the company has increased by 50%, reaching 80,000 customers. "
During the first half of 2012, the insurance sector in Latin America had a premium volume of $77,085 million, maintaining growth rates of two digits.
According to César Quevedo, deputy director of the Institute of Science at Seguro de Fundación Mapfre, the insurance industry is "key" to this global market.
A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.
December 2012 Bulletin from the Superintendent of Insurance (SUGESE):
Basic Indicators
The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance. The retention of these total direct premiums compared to 2011 remained at 81% and the total retained earned premiums (allocated ) increased from 96% in 2011 to 91% in 2012.
Requirements for goods transporters, according to the Memorandum of Understanding between the two countries, are currently in effect.
Since yesterday Guatemalan carriers traversing the border with Mexico will have to meet three criteria required by the authorities of the neighboring country.
Central American heavy load carries are opposing the payment of third party insurance demanded by Mexican authorities.
The $18 charge for compulsory insurance imposed by the Mexican government is concerning heavy load carriers in Central America who are threatening to set up a road block next Thursday for an indefinite period of time.
In Costa Rica, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.
The undisputed leader remains the Instituto Nacional de Seguros (INS), with a 90.2% market share and among the private companies the strongest are Mapfre and Assa with a 9.6% share between them.
According to the Superintendent of Insurance, the largest segment of the market is the general insurance category (51%), followed by sickness insurance (26%) and personal life policies (26%).
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