Annual average per capita expenditure on compulsory and voluntary insurance policies grew from $140 in 2009 to $246 in 2016, approaching the Latin American average, which stands at $250.
In addition to an increase in the supply of insurance that came after the end of the market monopoly in 2008, insurers and authorities at the Superintendency also attribute the increase in spending to regulation of the "gray market" which existed before the opening."...These were policies that were sold illegally during the monopoly and were concentrated in health insurance sector."
The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market.
Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according Elfinancierocr.com.
Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth.
According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies.
Two new companies sold 17% of this sector of the Costa Rican market.
Panamerican Life and Seguros de Alico are the main rivals of the National Insurance Institute (INS), with a share of 14% of the personal insurance policies sold in the Costa Rican market, while other private companies control 4%.
The INS still retains 83% of the market, reported Nacion.com.