Private Insurers – Less than 10% in Costa Rica

The market share of private insurers came to slightly more than 13%, excluding compulsory insurance. Which means the market share of private insurers as a whole reached 9.8% in October 2012, for an increase of 9.2 percentage points over the same time in2010.

According to the Superintendent of Insurance (SUGESE), the market share of the National Insurance Institute (INS), reached 90.2% in October 2012, followed by ASSA (3.2% ), MAPFRE (2.2%) ALICO (1.5%) and Pan American Life (1.3%).

In terms of numbers, the INS sum required premiums 93,859,000 colones. In this market the state company had no competition, however a recent ruling of the Constitutional Court will allow the opening of privatization, the policy of Labor Risks (RT) and the Compulsory Auto Insurance (SOA ).

The decision of the Board will allow insurers who wish to submit an applicationt to the SUGESE to market this type of insurance.

Regarding cumulative total direct premiums to October totaled an increase of 15% over the same period in 2011. The premiums generated in all categories increased insurance.

The personal insurance category remains the most dynamic (36% growth), up from its 20% to 23% from October 2011 to October 2012.

The gross claims paid rose 14% over the same period of 2011, totaling 174,000 million colones.

With regard to Central America, on a general level premiums for insurance sales at the end of the year is expected to be placed in 3740.4 billion expressing an absolute increase of $292 million, equivalent to an increase of 8.5%, this dynamics in insurance would be higher economic growth in the region estimated, according to ECLAC in 4.9%, ie insurance would grow 1.73 times the GDP dynamics.

Countries with greater dynamic sales would be Costa Rica and Nicaragua, with growth rates of 19% and 8.9%, respectively.

The Costa Rica News
San Jose Costa Rica

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