Insurance Market Up 15% in 2017

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.

Friday, February 16, 2018

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.

From a report by the Superintendency of Insurance:

Income from insurance premiums grew ¢95.2 billion (15%) compared to 2016, with 2017 closing with ¢749.3 billion. Growth was generalized by category and, in all cases, higher than the main price and production indicators.   

The per capita premium (insurance density), in colones, increased by 13% from 2016 to 2017 at the total level and 22% for compulsory insurance, 12% for personal insurance and 10% for general insurance. The ratio of premium income to GDP (insurance penetration) increased 0.16 pp in the same period to the total level, 0.08 pp in compulsory insurance and the same increase in voluntary insurance. 

Nine voluntary insurance lines closed 2017 with premiums in excess of ¢10 billion. Except for the Pecuniary Losses, all grew, and above the price and production indicators.

See full report (in Spanish).

More on this topic

Costa Rica: Insurance Premiums Up 16% in 2016

January 2017

Voluntary insurance made up the main component of growth compared to 2015, with a consequent reduction in the share of compulsory insurance.

From a monthly report by the Superintendent of Insurance:

In 2016, revenues from insurance premiums grew by ¢90.7 billion (16%) compared to 2015, closing the year at ¢655 billion. Growth was widespread by category and in all cases, higher than the main macroeconomic indicators. 

Costa Rica: Insurance Market in September 2016

November 2016

Income from insurance premiums grew by 15% compared to the same month in 2015, reaching $924 million.

From the Monthly Bulletin by the Superintendent of Insurance:

Income from insurance premiums grew by 15% compared to September 2015, reaching ¢497 billion colones. Growth remains widespread by category and personal insurance is still the most dynamic category. The contribution of compulsory insurance, as explained in previous bulletins, responds to the increase in SOA in January 2016 due to accounting changes because RT premiums decreased by 20% year on year.  

Costa Rica: Insurance Market in April 2016

July 2016

Income from voluntary insurance premiums grew by 25% compared to April 2015, due in most part to the increase in personal insurance.

From the quarterly report by the Superintendent of Insurance of Costa Rica:

"Revenues from voluntary insurance premiums increased by 25% in relation to April 2015, reaching ¢265 billion colones. The growth of this type of insurance remains one of the main driving forces, but its growth responds, on the one hand, to an increase of ¢ 38.6 billion colones in the SOA, since RT premiums decreased by ¢12.9 billion colones.

Insurance Market in Costa Rica in 2012

February 2013

A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.

December 2012 Bulletin from the Superintendent of Insurance (SUGESE):

Basic Indicators

The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance.

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