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. "



More on this topic

Costa Rica: Insurance Market up to March 2015

May 2015

The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.

In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively.

Good year for Insurance Industry in Costa Rica

December 2013

In the last interannual period personal insurance increased by 11%, general by 5% and compulsory by 9%.

From a bulletin on the Insurance Sector in November 2013 by the Superintendency of Insurance:

BASIC INDICATORS
The total amount of direct premiums collected reached c436,3 billion in November 2013. The involvement of voluntary insurance equaled the average of the last four annual periods - Nov 20l0-Nov 20l3), 73%.

Insurance in Costa Rica: 5 Years of Free Market

August 2013

After five years of monopolization, there are 13 insurers, 17 brokers companies, 63 agency companies and 49 auto insurance operators competing in the Costa Rican insurance market.

Nacion.com reports: "Also noteworthy is the 442 products registered up to June this year, surpassing the 159 registered in the same month in 2010."

Costa Rica’s Insurance Market

October 2011

In the newly privatised insurance market, companies are competing with the National Insurance Institute (INS in Spanish) to increase their portfolios.

Last June, according to the premium income figures, registered insurance lines and assets, INS was first, followed by Assa and Alico with its life and health insurance lines.

 close (x)

Receive more news about Insurance

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Gluten-free food business for sale

Operating Company dedicated to the manufacture of gluten-free and sugar-free products, OHNE brand.
The OHNE brand has 8 product lines: square bread, sweet...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Mar 27)
Brent Crude Oil
28.25
Coffee "C"
116.75
Gold
1,644
Silver
14.625