The Insurance Market in Costa Rica

Growth projections for 2020 in premium income are of 135% for Costa Rica, and 97% for the rest of the region.

Monday, September 29, 2014

A report entitled "Performance of Costa Rican Insurers in the Central American Environment" states that Costa Rica has a higher growth potential given it has "... less dependence on reinsurance, which involves greater risk retention, which allows for larger reserves, more investment and financial returns. "

Elfinancierocr.com reports that "... after Panama, Costa Rica has the highest market premium income per capita in the region, with a total of $216, followed by El Salvador with just $86.7."

Regarding weaknesses, the study notes that "... the loss ratio is high, around 54%, although the premium retention is the most positive in the region, 78.6%. Another negative is the cost of administration, which accounted for 28% of the total issued up to December 2013, whereas in other countries this figure is 12%. "

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More on this topic

Tourist Attraction and Travel Costs

August 2020

Because Costa Rica requires foreign visitors to take out a local policy, which costs more than $275 for a two-week stay, tour operators are asking that insurance taken out abroad be accepted as an incentive for tourist arrivals.

After more than four months of the country's borders being closed to tourists, commercial flights resumed on Aug. 3 with the arrival of an Iberia plane carrying more than 200 passengers from Spain.

Insurance: Market Growth Accelerates in 2019

February 2020

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.

The 8% growth recorded in 2019 doubles the variation recorded in 2018, when the upturn amounted to 4%.

Opportunity for Insurance Sector in Nicaragua

November 2017

Growth in sales of vehicles and homes in the country has generated an opportunity for the insurance business, in a market where penetration is only 3%.

Greater purchasing power and the consequent increase in purchases of homes, cars and other goods is generating interesting opportunities for other complementary businesses. 

Statistics on Private Insurers in Costa Rica

June 2013

Pan American Life and Assa accumulate 6% of the market, reporting up to May 2013 accumulated income of $12 million.

According to the Superintendent of Insurance (SUG) these two companies have the largest reported income. "Other market participants with significant shareholdings are Mapfre Seguros with revenues of $7 million and Aseguradora del Istmo with $4.5 million," noted an article in Elfinancierocr.com.

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