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." 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."

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