Costa Rica: Insurance Spending Grows

Annual average per capita expenditure on compulsory and voluntary insurance policies grew from $140 in 2009 to $246 in 2016, approaching the Latin American average, which stands at $250.

Tuesday, September 12, 2017

In addition to an increase in the supply of insurance that came after the end of the market monopoly in 2008, insurers and authorities at the Superintendency also attribute the increase in spending to regulation of the "gray market" which existed before the opening. "... These were policies that were sold illegally during the monopoly and were concentrated in health insurance sector."

"... Data from the Association of Insurance Supervisors of Latin America (Assal) indicates that the per capita direct premium of Costa Rica was $140, in 2009, a year after the rupture of the Instituto Nacional de Seguros' (INS) monopoly. Average spending has since grown steadily reaching $246 in 2016. Despite this progress, it is still below countries such as Chile with a per capita expenditure of $645 per year; Uruguay with $379 or Panama with $362."


Nacion.com reports that "...The organization, which is part of the General Insurance Superintendence (Sugese), records insurance market data for 19 Latin American countries. The information does not include expenditure on public insurance such as that administered by the Costa Rican Social Security Fund."

More on this topic

Costa Rica: Growth in Insurance Brokerage Business

November 2016

The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market.

Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according Elfinancierocr.com.

Costa Rica: Personal Insurance Premiums Up 21%

July 2014

The sale of life, accident and health insurance rose from $113 million in June 2013 to $148 million in the same month in 2014.

Figures from the Superintendence of Insurance (SUG) show the growing interest on the part of Costa Ricans in policies for medical expenses and life coverage.

Costa Rica: Insurance Market is healthy

February 2014

Total premiums grew by 11% during 2013 and amount to $1.046 billion, the highest figure since the market opened in 2008.

During 2013, the total insurance market grew by 11% and total premiums added up to $1.046 billion, while in 2008 the figure was $611 million. Life policies and motor were the most popular during 2013.

Changes in Nicaraguan Insurance Market

May 2013

Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.

The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector.

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