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.
The Supreme Court of Justice tenders hospital medical and life insurance policies for the 9,390 employees of the institution.
El Salvador Government Purchase LP 11/2021:
"Collective hospital medical insurance is required, which shall have as mandatory benefits outpatient consultation with out-of-network Doctors up to $35. The Company shall respect the medical indications issued in prescriptions, covering the medication according to the diagnosis presented, with a limit of 8 consultations per policy year for each insured, and the Insurance Administration Department may request additional consultations according to severity of the diagnosis.
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.
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.
Following the reform of government agreement 17-2020, the entry into force of the regulation requiring passenger and cargo transport units to take out civil liability insurance was delayed for one year in Guatemala.
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.
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.
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.
Honduras Government Purchase LPN-CNBS-07-2020:
"Officials and employees to be insured:
-458 main insured persons
-682 dependents
-$14.3 million insured amount
Last year in El Salvador, net premium income totaled $702 million, 6.8% higher than in 2018.
Directors of the Salvadoran Association of Insurance Companies (ASES) explained that between 2018 and 2019 net premium income increased by $44 million, from $658 million to $702 million.
Panamanian businessmen consider unviable the bill that intends to force insurance companies to cover medical expenses related to the coronavirus.
The bill, which was presented by Representative Zulay Rodriguez, seeks to ensure that insurance company clients are attended to in case they are infected with covid-19, however, policies do not usually provide coverage when the disease is declared as an epidemic or pandemic.
Last year, total income from insurance premiums in Costa Rica accumulated $ 1,449 million, 8% more than reported in the previous year, a variation that doubles the 3.5% increase recorded between 2017 and 2018.
The 8% growth recorded in 2019 doubles the variation recorded in 2018, when the upturn amounted to 4%. According to the Superintendencia General de Seguros (SUGESE), the dynamism of the sector's sales represents not only a significant increase in the market, but also one that has been sustained over the last 11 years.
Last year in Nicaragua, insurance sales totaled $199 million, 4% less than in 2018, a drop that can be explained in part by the drop in life, health and accident policies.
Data from the Superintendence of Banks and Other Financial Institutions (Siboif) detail that between 2018 and 2019 premium sales fell by $9 million, from $208 million to $199 million.
Atlántida Vida insurance company started operations in the local market and will be focused on the life and health sector.
The new participant, which will start with a capitalization of $6.2 million and is projected to reach $10 million in premium income, belongs to the Honduran business group Inversiones Atlántida.
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