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Fitch affirms Instituto Nacional de Seguros rating

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Fitch affirms Instituto Nacional de Seguros rating

Fitch Ratings on Aug. 14 affirmed the AAA(cri) national financial strength rating of Instituto Nacional de Seguros. The outlook is stable.

The affirmation reflects the insurer's dominant market position and robust capitalization level with low leverage indexes, in relation to the size of its operation and retention level, according to the rating agency. Fitch said it also considered the insurer's good liquidity position, high reserve coverage and adequate reinsurance program with limited equity exposures.

Instituto Nacional de Seguros accounts for 82% of the total premiums subscribed by the Costa Rican insurance market as of March, up from 77% in December 2016.