WILLEMSTAD - The Social Insurance Bank (SVB) of Curaçao achieved a positive result of nearly 24 million guilders in 2023. This is a significant improvement compared to the negative results in previous years, where over 85 million guilders in losses were recorded over three years.
Despite the increase in premium income to nearly 825 million guilders, a national contribution of over 305 million guilders remains necessary to cover costs and debts. This is mainly due to rising expenditures and the persistent deficit, although this deficit, at over 2.5 million guilders, is considerably lower than in previous years.
Basic Health Insurance
Expenses for the basic health insurance (BVZ) rose by nearly three percent in 2023 compared to 2022, totaling over 575 million guilders. Premium income increased by almost six percent to over 320 million guilders.
Despite this increase, a national contribution of nearly 280 million guilders was necessary to cover the costs. The average medical costs per insured person rose to over four thousand guilders, while the number of insured individuals reached nearly 150 thousand by the end of 2023.
The AOV/AWW fund ended 2023 with a positive result of nearly seven million guilders. Premium income for the AOV fund amounted to 365 million guilders and for the AWW fund just under 25 million guilders.
AOV benefits increased by over seven million guilders, bringing the total to nearly forty million guilders. As of December 31, 2023, the number of AOV beneficiaries was more than one-third of the Curaçao population: 53,223.
Structural Challenges
Despite the positive results, there are ongoing structural financial challenges for the SVB. Healthcare costs continue to rise, particularly in intramural facilities such as the Curaçao Medical Center (CMC), increasing financial pressure. Additionally, the number of insured individuals and the costs per insured person are growing, contributing to financial challenges.
The national contribution remains crucial to cover costs and debts. Although the deficit of over 2.5 million guilders is lower than in previous years, it remains a concern for the future financial sustainability of the SVB.