Costa Rica: Insurance Market up to March 2015

The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.

Tuesday, May 12, 2015

In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively. In the case of personal insurance policies, insurance companies generated monthly revenues of $146 million.

Elfinancierocr.com reports that "...When refining the analysis by insurance, the market remains very similar to last year's distribution. The share of Instituto Nacional de Seguros (INS) was reduced by 1.5 percentage points after Aseguradora del Istmo (ADISA) ASSA Compañía de Seguros will increase its position in the industry pie. "

"... Instituto Nacional de Seguros (INS) is capturing 85% of the income from insurance in the country, followed by Pan American Life Insurance with 4.6%, ASSA Compañía de Seguros with 3.3% and Aseguradora del Istmo (ADISA) with 2.1%. "



More on this topic

Insurance Market in Costa Rica up to March 2014

May 2014

The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.

The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).

Good year for Insurance Industry in Costa Rica

December 2013

In the last interannual period personal insurance increased by 11%, general by 5% and compulsory by 9%.

From a bulletin on the Insurance Sector in November 2013 by the Superintendency of Insurance:

BASIC INDICATORS
The total amount of direct premiums collected reached c436,3 billion in November 2013. The involvement of voluntary insurance equaled the average of the last four annual periods - Nov 20l0-Nov 20l3), 73%.

Insurance in Costa Rica: 5 Years of Free Market

August 2013

After five years of monopolization, there are 13 insurers, 17 brokers companies, 63 agency companies and 49 auto insurance operators competing in the Costa Rican insurance market.

Nacion.com reports: "Also noteworthy is the 442 products registered up to June this year, surpassing the 159 registered in the same month in 2010."

Statistics on Private Insurers in Costa Rica

June 2013

Pan American Life and Assa accumulate 6% of the market, reporting up to May 2013 accumulated income of $12 million.

According to the Superintendent of Insurance (SUG) these two companies have the largest reported income. "Other market participants with significant shareholdings are Mapfre Seguros with revenues of $7 million and Aseguradora del Istmo with $4.5 million," noted an article in Elfinancierocr.com.

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