Insurance: Market Growth Accelerates in 2019

Last year, total income from insurance premiums in Costa Rica accumulated $ 1,449 million, 8% more than reported in the previous year, a variation that doubles the 3.5% increase recorded between 2017 and 2018.

Wednesday, February 26, 2020

The 8% growth recorded in 2019 doubles the variation recorded in 2018, when the upturn amounted to 4%. According to the Superintendencia General de Seguros (SUGESE), the dynamism of the sector's sales represents not only a significant increase in the market, but also one that has been sustained over the last 11 years.

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According to the December 2019 statistical report prepared by SUGESE, all sectors grew, but the performance of compulsory and voluntary personal insurance stood out, with increases exceeding 10%.

For 2019, the most important voluntary insurance branches, according to the report, were automobiles, life, health and fire, and allied lines, consistent with historical behavior. These four branches represented 81% of the country's voluntary insurance premiums, the document explains.

The report adds that "... 74% of the value of general insurance premiums placed in 2019 corresponded to the INS. In second place was Assa, which represented 9.4%, while Qualitas was in third place, with 3.9%. Of these three entities, the only one that gained relative share was the INS, which increased by 1.1 p.p., while Assa fell by 0.8 p.p. and Qualitas decreased by 0.1 p.p.".

See full report (in Spanish).

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