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More Insurance Brokers in Costa RicaMonday, May 7, 2012 The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months. The number of insurance brokers in Costa Rica is now 14, a significant increase, up 75% from March 2011 to March 2012. While the number of intermediaries has increased, the number of insurance companies in decreased to nine during the same period, a reduction of 11.4%. Panama Insurance Market - September 2016Monday, November 14, 2016 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. Panama: Insurance Companies to Pay MoreFriday, October 14, 2011 The annual supervision and regulation rate will increase from $2500 to $50 000 for insurance companies and $75 000 for reinsurers. The new insurance and reinsurance law brings with it several changes, among which is an increase in the rate charged by the Superintendency for overseeing businesses that offer insurance in the country. Panama: Legal intervention of ReinsurerMonday, August 14, 2017 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. Radiography of the Insurance Sector in Central AmericaWednesday, September 21, 2016 Panama stands out as the country with the highest penetration rate in the region, and at the other end is Honduras, with the lowest rate, and below the average in Latin America. From a report by MAPFRE: "Trends of growth in insurance markets in Latin America": Costa Rica: The Insurance Industry in June 2015Thursday, October 22, 2015 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: Nicaraguan Insurance MarketWednesday, July 1, 2015 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. More Insurance Companies in GuatemalaWednesday, October 5, 2011 With the entry of the US firm BMI, Guatemalans now have a new health insurance option available in the country. The Superintendency of Banks (SB) has authorized a change in the corporate name of the company, which was registered in the country as the BMI Insurance Company of Guatemala, Sociedad Anonima. Panama: More Risk Control for InsurersTuesday, September 27, 2016 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 are deficit 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." Insurance in Panama Grows as Same Pace as EconomyMonday, January 20, 2014 With an increase of 9% compared to 2012, in 2013 total premiums added up to $1.244 billion, a record in the country and the highest in Central America. The Panamanian insurance industry closed 2013 with $1.244 million in premiums, while in 2012 the figure was $1.138 billion, which represents an increase of 9.2%.This figure is the highest in Central America. Insurance Company Assets Ceded in PanamaFriday, September 1, 2017 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. El Salvador: Insurers Fined for Anticompetitive AgreementsThursday, June 11, 2015 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): Opportunities in the Central American insurance marketTuesday, March 20, 2012 A low penetration level of insurance as related to GDP allows for sustainable growth of insurance businesses. In the past five years, Panama has seen an explosion of commercial development and an influx of insurance companies. The country is about to remake its insurance legislation, which is also aimed at helping the country become a regional hub for insurance and reinsurance, according to Carlos Abrahams, a director at Global Intermediaries. Global is a specialized reinsurance consultancy and brokerage in Panama City, Panama. Results of Insurance De Privatization in Costa RicaMonday, July 16, 2012 Four years after the de-monopolization of the market, the National Institute of Insurance holds 91.5% of insurance premiums and 12 private insurance companies have won the remaining 8.5%. An analysis of the topic made by Juan Pablo Arias in his article in Nacion.com, shows that the main benefit of the new competitive environment is growth of the sector in terms of policies issued, which increased by 24% from the date of de-monopolization, with growth attributed to the lowered rates. Increase in Sales of Health Insurance in Costa RicaWednesday, November 5, 2014 Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth. According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies. |
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Monday, July 4, 2022 - last update: Saturday, 1:45 am
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