Costa Rica: Personal Insurance Premiums Up 21%

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

Friday, July 25, 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. While the premiums for personal expenses policies, including the two mentioned above, grew by 21% last year, the increase in overall policies in the same period was 12%. In total they invested $566 million.

"...The two companies with the greatest share of the segment are the National Insurance Institute (Instituto Nacional del Seguros ) (with 66% of sales) and Pan American Life (with 21% of premium income). "

According to date from the Sugese reported by Elfinancierocr.com, "...Of the total premiums sold by the 13 insurers which participate in the insurance market, 23% were for personal policies ... excluding Occupational Hazards policies."




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Costa Rica: Insurance Market up to March 2015

May 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.

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.

Increase in Sales of Health Insurance in Costa Rica

November 2014

Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth.

According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies.

Costa Rica Insurance: Claims Up 10%

August 2014

As of July claims for payments totaled $284 million, with personal insurance policies having increased the most.

In the case of personal accident insurance, registered insurance companies reported an increase of 13% between July 2013 and March this year. "...Within this category, those that grew the most were those of health and accident insurance, going from $26 million to $28 million. "

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).