Voluntary placement of vehicle insurance policies grew by 9% during the first 4 months of the year, reaching ¢ 60 billion, according to the latest statistics of the Superintendent of Insurance.
This translates into increased car insurance portfolio by five billion colones compared to the same period of 2015.
In the vehicle segment, most insurers increased the amount placed, except for Mapfre, which recorded a decrease of 2%.
As for market share, the National Insurance Institute (INS) and Mapfre now have a smaller share of the market, after an aggressive growth of the Mexican insurer Quálitas.
Despite this, the INS remains as the largest insurer of the market, with 87% of premiums placed in the period.
The ¢ 60 billion placed in car insurances represent a third of total insurance premiums sold in the first quarter. This amount must be added to the compulsory motor insurance (SOA) for the same period, which exceeded ¢ 40 billion.