Wednesday, 25 November 2020
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Fire claims see growth in Costa Rica

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...

INS caves, requests increase in mandatory insurance for vehicles

The national insurer (INS) caved in, withdrew its lawsuit against the insurance superintendent, the Superintendencia General de Seguros (Sugese), for the mandatory insurance (SOSA) rate for vehicles, and decided to request an increase. The Instituto Nacional de Seguros (INS) had made the business decision to keep...

Uncertainty surrounds payment of the Marchamo

November is here, but the 2019 Marchamo is not ready, as has been the custom, because of the clash between the Instituto Nacional de Seguros (INS) and the Superintendencia General de Seguros (Sugese) - Insurance Superintendency. Even resolving this issues today, it could still take...

Costa Rica Insurance Spending Growing, Reaches Average of Latin America

Annual average per capita expenditure on compulsory and voluntary insurance policies grew from US$140 in 2009 to US$246 in 2016, approaching the Latin American average, which stands at US$250. In addition to an increase in the supply of insurance that came after the end of...

Costa Rica’s State Insurer Loses Market Share

For the first time since the opening of the insurance market in 2010, the State insurer, the Instituto Nacional de Seguros (INS), has lost its dominance in the health insurance segment, which is now led by Pan American Life Insurance. Pan American Life took 40%...

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