Claims on fire policies in Costa Rica jumped 77% to ¢27.7 billion colones (US$45.8 million dollars) in 2018, despite premiums in fire and associated lines decreasing 2.8%, according to insuraance regulator Superintendencia General de Seguros (Sugese).

Sugese reported written premiums for all general insurance lines amounted to ¢392.5 billion colones, contracting 1.7% from 2017, while claims increased 7.4% to ¢186.4 billion.

Claims amounted to 47% of general lines premiums in 2018.

The rise in fire claims has accelerated since 2015, jumping 32% in 2017 from the previous year after an expansion of 29% in the 2016-2015 comparison.

Costa Rica’s largest insurer, the state owned Instituto Nacional de Seguros (INS), commands a fire insurance market share of a 76%, according to Sugese.

Sources: La Nacion; BN Americas