Costa Rica: State Insurer Loses Market Share

For the first time since the opening of the insurance market, the National Insurance Institute has lost its dominance in the health insurance segment, which is now led by Pan American Life Insurance.

Friday, August 25, 2017

The insurance company Pan American Life Insurance took 40% of the revenues generated by sales of medical insurance policies at the end of June this year. According to data from the Insurance Superintendency, Instituto Nacional de Seguros (INS) "... accounted for 38% of the business (¢16,935 million), followed by Aseguradora del Istmo (Adisa) with 6%."

See "Costa Rica: Insurance Market in June 2017"

Between January and June of this year, revenues from the sale of health insurance policies totaled $76 million, an increase of 19% over the first half of last year. 
Nacion.com reportsed that "...  Health policies are part of the voluntary insurance segment, an area in which there is a group of 13 competing companies."

Elian Villegas, executive president of the INS, confirmed that "... the health insurance business has been completely reformed, due to a cumulative loss of $50 million in the period from 2012 to 2016. ´In this line we were losing a lot of money.  We had to make a decision if we kept market share and lost $10 million a year, or we changed the product. In the end we modified the policy'."

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More on this topic

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: 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.

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).

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