BMI View: Although small at present, Costa Rica's insurance market is poised for positive growth. Thecurrent lack of coverage, combined with improving employment and income rates and wider economicgrowth, inform our expectations that both life and non-life insurance is to develop rapidly, though thepotential consumer market is limited (at around 5mn). The competitive landscape remains dominated by oneprovider, though the market is set to benefit from a gradual improvement in the range of products available,including microinsurance products, and expansion of distribution channels to make insurance moreaccessible.
Latest Updates And Industry Developments
Although still a developing market, some smaller niche lines are increasingly available in Costa Rica.Specialist provider Stewert Title Costa Rica is providing title insurance policies in the country -providing protection in the event of defects in the title of a property. Uptake is currently limited, howeverwith more foreign buyers investing in the country this line could see rapid growth.