Insurance Market in Costa Rica up to March 2014

The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.

Friday, May 23, 2014

The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE). The remaining 11.9% is made up of the Insurers Aseguradora del Istmo, with 7.4%, and other market participants (Mapfre, BMI, Atlantic Sauther, SM) with 4.5%.

"Accident and Health reports sales of ¢20.207 million ($36 million). This represented 11.8% of the total sales in the insurance market, which in the third month of the year amounted to ¢171.009 million ($308 million). The Accident and Health figures exclude policies for Compulsory Automobile Insurance, which are recorded separately. "

"In the life segment, the INS maintained the lead, with 74% of premiums sold. At the general level (including general and personal policies) the INS still has 87% of the market. The INS began facing competition from private insurers in January 2009, following the opening up of the insurance market in August 2008. "

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