AM Best upgrades Costa Rican insurance industry outlook to ‘stable’

U.S.-based A.M. Best Co. Inc. has revised its outlook for Costa Rica’s insurance industry to “stable” from “negative” due to the growth in premium volume alongside the country’s overall economic recovery after the COVID-19 pandemic, Reinsurance News reported. The decision to revise the outlook was also based on the insurance industry’s more than 14% year-on-year growth as of July; its efforts to reduce nonlife insurance loss ratios; and the stable regulatory environment.