Costa Rica prepares for risk-based supervision as growth picks up

Amidst a growing industry, Costa Rica's insurance regulator Sugese plans to implement risk-based supervision in 2013. After adjusting for inflation, Costa Rica's insurance industry is set to end 2012 with approximately 8% more in written premiums than 2011, Sugese said in a press release. On top of growth, the regulator noted the evolution and development of the local industry. The number of different policies on offer rose from 297 in 2011 to 388 in 2012, while the nation's number of insurers rose from two in 2008 to 11 in 2012, along with two more firms pending authorization. Along this growth and development Sugese will begin the implementation of risk-based insurance supervision next year. The regulator announced the launch of a risk-based supervision pilot program last October. In addition to the new supervision scheme, Sugese plans to improve insurance client protection by issuing a consumer rights charter next year, the release said.