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.
Voluntary insurance made up the main component of growth compared to 2015, with a consequent reduction in the share of compulsory insurance.
From a monthly report by the Superintendent of Insurance:
In 2016, revenues from insurance premiums grew by ¢90.7 billion (16%) compared to 2015, closing the year at ¢655 billion.Growth was widespread by category and in all cases, higher than the main macroeconomic indicators.
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.
Income from voluntary insurance premiums grew by 25% compared to April 2015, due in most part to the increase in personal insurance.
From the quarterly report by the Superintendent of Insurance of Costa Rica:
"Revenues from voluntary insurance premiums increased by 25% in relation to April 2015, reaching ¢265 billion colones.The growth of this type of insurance remains one of the main driving forces, but its growth responds, on the one hand, to an increase of ¢ 38.6 billion colones in the SOA, since RT premiums decreased by ¢12.9 billion colones.
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.
On presenting the report, "The Latin American insurance market," the official noted that this "is a key region for the present and future in global insurance."
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.
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. This strike would be carried out one day before the measure is implemented.
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%).
The Constitutional Chamber of the Supreme Court has rejected an appeal that opposed the opening of the market, which includes Occupational Risks and Compulsory Auto Insurance.
This constitutional ruling completes the insurance market opening which started four years ago. The end of monopolization of this type of insurance was scheduled for January 1, 2011, but was stopped because of a constitutional motion filed on December 21, 2010.
In Costa Rica compulsory motor insurance remains the monopoly of the state run insurance company, the INS.
A constitutional action filed against the opening up of the market for the Workplace Insurance, arguing that "this social insurance is designed to provide universal coverage at no cost to all people working in the country, against any accident or illness resulting from their activity ", has also detained the liberalization of the market for compulsory insurance for motor vehicles.
Although competition in compulsory insurance opened up to private operators in January, the market still has only one supplier, the state run INS.
According to the Law Regulating the Insurance Market and CAFTA, from January 2011 the market has been open to competition for compulsory car insurance and occupational risk policies.
In the case of occupational risk policies, the Constitutional Court admitted an appeal of unconstitutionality, which has put a stop to licensing new products in this field, until sentencing is passed.