Insurance Market: Figures in 2018

Total insurance premium revenues in Costa Rica totaled $1.261 million in 2018, 3% more than in 2017.

Thursday, February 21, 2019

According to figures from the General Superintendence of Insurance (Sugese), between 2017 and 2018 the per capita spending of Costa Ricans on insurance increased slightly by 1.8%, from $248 to $252.

You may be interested in "Outlook for the Insurance Market"

Tomás Soley, head of Sugese, told Nacion.com that "... the increase was lower than the one reported since the opening - 9% annual average - because it occurred at a time of lower economic growth and in the middle of the discussion of fiscal reform."

The article adds that "... 75% of all policies sold are voluntary insurance products, i.e. those where the market is in competition. The remaining 25%, i.e. ¢141,078 million, corresponds to the obligatory policies of Labor Risks and Obligatory Automotive Insurance (SOA) marketed by the INS."

Also see "Tender for Panama Metro Insurance"

Regarding what is expected in the Central American insurance market for 2019, Fitch Ratings forecasts a rise of 6.1% at regional level, growth that would be based on the behavior of the markets of Panama, Costa Rica and Guatemala.

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More on this topic

Insurance Market: Figures in 2018

January 2019

Because of vehicle and health insurance performance, premiums paid in Panama last year totaled $1.562 million, 6% more than in 2017.

Preliminary figures from the Superintendence of Insurance and Reinsurance detail that last year income from vehicle insurance totaled $321 million and increased 9% with respect to 2017.

Private Insurers Sell More Personal Policies

June 2012

Two new companies sold 17% of this sector of the Costa Rican market.

Panamerican Life and Seguros de Alico are the main rivals of the National Insurance Institute (INS), with a share of 14% of the personal insurance policies sold in the Costa Rican market, while other private companies control 4%.

Sale of Group Insurance in Guatemala Increases

October 2011

Looking at figures up to until August 2011, collective life insurance plans accounted for 81.6% of the total.

According to information from the Superintendency of Banks (SB), until August, the total amount of insured individual plan premiums reached $16.35 million (18.2%), meanwhile direct premiums in group plans totaled $73,5 million.

Insurance Grows 22% in Panama

September 2009

In July, written premiums were $78 million, 22% more than the same period of 2008.

Such growth was mainly fueled by individual life insurance (first year), which grew 143%, as it had happened last May.

"According to sources from the industry, the growth of life insurance (first year), is driven by a single company, who is selling in the market this nontraditional product", reports Prensa.com.

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