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 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: Incentives to Attract More Customers

October 2019

Discounts in fitness centers, in dental services or in consultations with psychologists, are some of the benefits offered by insurance companies in Costa Rica to maintain their portfolio of clients and attract new ones.

The National Insurance Institute (INS), Sagicor, Pan American Life Insurance, Océanica de Seguros and Mapfre, are some of the competitors in the Costa Rican market that offer this type of privileges in their policies.

Insurance Market Up 15% in 2017

February 2018

Explained in part by the increase registered in mandatory insurance, last year income from premiums in Costa Rica added up to $1.323 billion, 15% more than in 2016.

Costa Rican authorities reported that last year the largest increase was recorded in mandatory types of insurance, with interannual increases of 26% (¢28.4 billion) in Occupational Hazards and 18% (¢7.5 billion) in the Obligatory Automotive. As a result, this category gained a 1.9 pp share with respect to voluntary insurance categories.

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.

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.

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