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Costa Rica Insurance Report Q2 2016

Costa Rica Insurance Report Q2 2016

BMI View: We maintain a positive outlook for the Costa Rican insurance segment as a whole. Both the lifeinsurance and non-life segments are poised for robust growth over the course of our forecast periodof 2016-2020. Insurance sector growth will be driven by rising incomes, a positive economic outlook, anuptick in real private final consumption and rising discretionary spending powers of households that havegrowing disposable incomes. The life sector is poised to grow on par with the non-life sector in 2016,driven by a desire for savings. The non-life sector will grow based on demand for insurance of big-ticketitems such as property, motor insurance and a robust growth prospect for the health insurance life. We arenevertheless cautious about the primary of the former state-owned monopoly, INS, which had premiums ofover 80% of the total insurance industry in the country. We believe that non-life competition to challengeINS primary is stronger than the life insurance competition at present. Smaller challengers, particularlythose with international experience, can capitalize on growth prospects by means of product innovation andprice competitiveness.Latest Updates & Industry Developments

We maintain a strong outlook for the insurance industry as a whole. We forecast a total insuranceindustry growth of 6.5% y-o-y in 2016, with premiums reaching USD1.3bn

Life sector growth will amount to 7.2% y-o-y in 2016, with premiums reaching USD160mn.

Non-life sector growth will approximate 6.4% with premiums reaching USD1.1bn in 2016.


BMI Industry View
Table: Headline Insurance Forecasts (Costa Rica 2013-2020)
SWOT
Industry Forecast
Costa Rica Life Premiums Forecast
Table: Life Premiums (Costa Rica 2013-2020)
Table: Life Insurance Claims (Costa Rica 2010-2014)
Costa Rica Non-Life Premiums Forecast
Table: Non-Life Premiums (Costa Rica 2013-2020)
Table: Non-Life Insurance Claims (Costa Rica 2010-2014)
Costa Rica Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Costa Rica 2013-2020)
Industry Risk/Reward Index
Latin America Insurance Risk/Reward Index
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Insurance Market Sare, USDmn, 2011-2014
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Table: Non-Life Insurance Market Share, USDmn, 2011-2014
Company Profile
ASSA
INS
MAPFRE
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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