Insurance Market in Costa Rica in 2012

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

Monday, February 18, 2013

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. The retention of these total direct premiums compared to 2011 remained at 81% and the total retained earned premiums (allocated ) increased from 96% in 2011 to 91% in 2012.

In real terms compared to 2011, premiums grew at 8% at the total level and 9% excluding compulsory insurance. Premiums in all categories of insurance grew in real terms compared to 2011.

The report highlights the real growth of 26% compared to 2011 and 62% compared to 2010 of the premiums for personal insurance. Both "Life" as well as "Accident and Health" have experienced real growth since 2010, 47% and 85% respectively, meaning that their total level participation increased.



More on this topic

Good Figures for Regional Insurance Market

March 2018

Explained by the behavior of the Costa Rican market, in 2017 Central American insurers received $5.02 billion in premiums, 7% more than in 2016.

According to a report drawn up by Revista Desempeño Asegurador, in 2017 " ... insurance sales in the region expressed an absolute increase of US $334.7 million, an amount that represented a rise of 7.1% compared to sales in 2016."

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.

Latin America: The Golden Child for Insurers

May 2013

During the first half of 2012, the insurance sector in Latin America had a premium volume of $77,085 million, maintaining growth rates of two digits.

According to César Quevedo, deputy director of the Institute of Science at Seguro de Fundación Mapfre, the insurance industry is "key" to this global market.

Good Prospects for Insurance Companies

May 2012

A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.

From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":

The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth.

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Ducruet

Organization that operates in Costa Rica, El Salvador, Guatemala and Panama.
Phone: (507) 322-1661 - (507) 6671-3920

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