Costa Rica: Insurance Market up to October 2016

Income from insurance premiums grew by 16% compared to the same month in 2015, reaching $1.021 billion, in a market with great growth potential.

Friday, December 16, 2016

From the Monthly Bulletin by the Superintendent of Insurance:

Compulsory insurance tending become more stable. The SOA, as explained in previous bulletins, showed a sharp increase in December 2015 to January 2016 (<236 100 000 000) due to a change in the accounting records, but in the rest of the year its growth every month has been close to the average, which maintained very high annual growth, but is tending to become more moderate.  

Labour risks showed a pronounced decrease since December 2015 to the end of the first quarter, but after that month on month growth accelerated. Therefore, year on year, the decrease of Labour Risk went from 20% in September 2016 to 9% in October 2016, leading to growth of compulsory insurance rebounding to levels, both relative and absolute, similar to personal insurance, whose participation rose nearly 2 pp.

It is worth emphasising that the widespread growth category remained above inflation and the squeeze on general insurance levels, by almost 4 pp

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Costa Rica: Insurance Market in September 2016

November 2016

Income from insurance premiums grew by 15% compared to the same month in 2015, reaching $924 million.

From the Monthly Bulletin by the Superintendent of Insurance:

Income from insurance premiums grew by 15% compared to September 2015, reaching ¢497 billion colones. Growth remains widespread by category and personal insurance is still the most dynamic category. The contribution of compulsory insurance, as explained in previous bulletins, responds to the increase in SOA in January 2016 due to accounting changes because RT premiums decreased by 20% year on year.  

Costa Rica: Figures for Insurance Market in June 2016

July 2016

Income from voluntary insurance premiums grew by 18% in relation to June 2015, reaching $490 million.

From a monthly report by the Superintendent of Insurance:

The evolution of compulsory insurance in respect to previous months is: 32% growth that corresponds to an increase of ¢38.6 billion colones in SOA, concentrated in January of this period as a result of a change in the accounting methodology, specifically, for the SOA period, premiums that were previously registered in December of each year were recorded in January 2016 of this year. RT premiums decreased by ¢15.6 billion colones.

Costa Rica: Insurance Market in April 2016

July 2016

Income from voluntary insurance premiums grew by 25% compared to April 2015, due in most part to the increase in personal insurance.

From the quarterly report by the Superintendent of Insurance of Costa Rica:

"Revenues from voluntary insurance premiums increased by 25% in relation to April 2015, reaching ¢265 billion colones. The growth of this type of insurance remains one of the main driving forces, but its growth responds, on the one hand, to an increase of ¢ 38.6 billion colones in the SOA, since RT premiums decreased by ¢12.9 billion colones.

Insurance Market in Costa Rica in 2012

February 2013

A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.

December 2012 Bulletin from the Superintendent of Insurance (SUGESE):

Basic Indicators

The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance.

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