Insurance companies paid 19% more claims in 2011
Insurers paid ¢ 186,960 million last year to compensate clients who suffered losses, this amount represents a 19% increase of 2010 expenditures. Costa Rica
This increase contrasts with the 9% reduction in payments, which was evident at the end of 2010.
Last year the policies that had greater increases in claims were the fire (83.5%), accident and health (68.8%), liability (61.4%), compulsory automobile (25.7% ) and life (22%).
“The loss depends on the type of insurance, for example, has been a strong selling policies for medical expenses and health services. Also, auto policies is a very open competition, it seems that people made more use of such insurance that exposure to risk is higher, “said Javier Cascante, Superintendent of Insurance.
This increase in claims while he placed premiums grew by 6%.
Reasons. For Alfredo Ramirez, CEO of Panamerican Life, market growth, with the incursion of new insurers since 2009, may be the reason that explains the increase in the collection of policies by the insured.
“The more secure is normal that there are more sinister charges,” said Ramirez.
This position coincided Constenla William, president of the National Insurance Institute (INS), who also said that in 2011 also should be accounted for payments to the Instituto Costarricense de Electricidad by the earthquake in Cinchona and Thomas Storm, among others.
The Superintendent of Insurance, however, cautioned that it should take several periods for the institution to assess whether there are unfair conduct by some insurance companies that affect the accident indicator.
On the growth of payment of claims (19%) above the premium growth (6%), Cascante said it is not an aspect of alarm as long as insurers demonstrate that they have capital adequacy.
In this regard, Constenla said that for these effects companies use their strength and reinsurance assets.
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