Market Research Logo

The Insurance Industry in Costa Rica, Key Trends and Opportunities to 2022

The Insurance Industry in Costa Rica, Key Trends and Opportunities to 2022

The Insurance Industry in Costa Rica, Key Trends and Opportunities to 2022

Summary

Timetric’s 'The Insurance Industry in Costa Rica, Key Trends and Opportunities to 2022' report provides in-depth market analysis, information and insights into the Costa Rican insurance industry, including -

  • The Costa Rican insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Costa Rican economy and demographics
  • Details of the competitive landscape in the Costa Rican insurance industry
  • The various distribution channels in the Costa Rican insurance industry
  • Details of regulatory policy applicable to the Costa Rican insurance industry
  • Analysis of natural hazards in the Costa Rican insurance industry.
  • Synopsis

    The report provides detailed analysis of the market trends, drivers and challenges in the Costa Rican insurance industry.

    It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

    The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Costa Rican economy and demographics, and provides detailed information on the competitive landscape in the country.

    The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

    Key Highlights

    In May 2017, Superintendencia General de Seguros (Sugese) introduced a resolution stipulating the provisions for the risk management and internal control systems of insurance and reinsurance undertakings and intermediaries.

    In 2013, the Central American Association Agreement was formulated between Central American countries (including Costa Rica) and the European Union (EU), permitting European insurers to provide insurance related to freight, maritime shipping and commercial aviation and reinsurance in Costa Rica on a cross-border basis.

    Microinsurance in Costa Rica is primarily distributed through bancassurance, as well as through member organization and financial institutions, with co-operatives and micro finance institutes (MFI) offering partnership opportunities.

    Costa Rica recorded demand for peer-to-peer insurance models to reduce the cost of cover and mitigate conflicts between insurance providers and policyholders.

    Scope


      This report provides a comprehensive analysis of the insurance industry in Costa Rica -
    • It provides historical values for the Costa Rican insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
    • It offers a detailed analysis of the key segments in the Costa Rican insurance industry, with market forecasts to 2022.
    • It covers an exhaustive list of parameters, including written premium and claims.
    • It analyzes the various distribution channels in Costa Rica.
    • It profiles the top insurance companies in Costa Rica, and outlines the key regulations affecting them.
    Reasons to buy
    • Make strategic business decisions using in-depth historic and forecast market data related to the Costa Rican insurance industry and each segment and category within it.
    • Understand the demand-side dynamics, key market trends and growth opportunities in the Costa Rican insurance industry.
    • Assess the competitive dynamics in the Costa Rican insurance industry.
    • Identify the growth opportunities and market dynamics in key segments.
    • Gain insights into key regulations governing the Costa Rican insurance industry and their impact on companies and the industry's future.


    • Key Facts and Highlights
      • Table Costa Rican Insurance Industry – Key Facts, 2017
      • Table Costa Rican Insurance Industry – Industry Shares of the Top Insurers, 2017
    • Executive Summary
    • Economy and Demographics
      • Table Costa Rican Government Credit Ratings
    • Industry Outlook
      • Industry Indicators
        • Gross written premium
          • Table Costa Rican Insurance Industry – Gross Written Premium (CRC Billion and US$ Billion), 2013–2017
          • Table Costa Rican Insurance Industry – Gross Written Premium (CRC Billion and US$ Billion), 2017–2022
        • Insurance density
          • Table Costa Rican Insurance Industry – Density (CRC), 2013–2017
          • Table Costa Rican Insurance Industry – Density (CRC), 2017–2022
        • Paid claims
          • Table Costa Rican Insurance Industry – Paid Claims (CRC Billion and US$ Million), 2013– 2017
          • Table Costa Rican Insurance Industry – Paid Claims (CRC Billion and US$ Million), 2017– 2022
    • Life Insurance Outlook
      • Segment Indicators
        • Gross written premium
          • Table Costa Rican Life Insurance – Gross Written Premium (CRC Billion and US$ Million), 2013–2017
          • Table Costa Rican Life Insurance – Gross Written Premium (CRC Billion and US$ Million), 2017–2022
        • Penetration
    • General Insurance Outlook
      • Segment Indicators
        • Gross written premium
          • Table Costa Rican General Insurance – Gross Written Premium (CRC Billion and US$ Billion), 2013–2017
          • Table Costa Rican General Insurance – Gross Written Premium (CRC Billion and US$ Billion), 2017–2022
        • Penetration
      • Property Insurance
        • Gross written premium
          • Table Costa Rican Property Insurance – Gross Written Premium (CRC Billion and US$ Million), 2013–2017
          • Table Costa Rican Property Insurance – Gross Written Premium (CRC Billion and US$ Million), 2017–2022
        • Penetration
      • Motor Insurance
        • Gross written premium
          • Table Costa Rican Motor Insurance – Gross Written Premium (CRC Billion and US$ Million), 2013–2017
          • Table Costa Rican Motor Insurance – Gross Written Premium (CRC Billion and US$ Million), 2017–2022
        • Penetration
      • Liability Insurance
        • Gross written premium
          • Table Costa Rican Liability Insurance – Gross Written Premium (CRC Billion and US$ Million), 2013–2017
          • Table Costa Rican Liability Insurance – Gross Written Premium (CRC Billion and US$ Million), 2017–2022
        • Penetration
      • Financial Lines Insurance
        • Gross written premium
          • Table Costa Rican Financial Lines Insurance – Gross Written Premium (CRC Billion and US$ Million), 2013–2017
          • Table Costa Rican Financial Lines Insurance – Gross Written Premium (CRC Billion and US$ Million), 2017–2022
        • Penetration
      • Marine, Aviation and Transit Insurance
        • Gross written premium
          • Table Costa Rican Marine, Aviation and Transit Insurance – Gross Written Premium (CRC Billion and US$ Million), 2013–2017
          • Table Costa Rican Marine, Aviation and Transit Insurance – Gross Written Premium (CRC Billion and US$ Million), 2017–2022
        • Penetration
      • Personal Accident and Health Insurance
        • Gross written premium
          • Table Costa Rican Personal Accident and Health Insurance – Gross Written Premium (CRC Billion and US$ Million), 2013–2017
          • Table Costa Rican Personal Accident and Health Insurance – Gross Written Premium (CRC Billion and US$ Million), 2017–2022
        • Penetration
    • Reinsurance Outlook
    • Distribution Channel Outlook
      • Analysis by Distribution Channel
        • Table Insurance Agencies in Costa Rica
    • Natural and Man-Made Hazards
      • Flooding
      • Earthquakes
      • Storms and Landslides
      • Exposure
    • Competitive Landscape
      • Table Costa Rican Insurance Industry – Market Shares of Leading Insurers (%), 2017
      • Table Costa Rican Insurance Industry – Market Shares of Life Insurers (%), 2017
      • Table Costa Rican Insurance Industry – Market Shares of General Insurers (%), 2017
      • Company Profiles
        • Instituto Nacional de Seguros – company overview
          • Table Instituto Nacional de Seguros – Key Facts
        • Assa Compañía de Seguros – company overview
          • Table Assa Compañía de Seguros – Key Facts
        • Pan-American Life Insurance de Costa Rica, SA – company overview
          • Table Pan-American Life Insurance de Costa Rica, SA – Key Facts
        • Aseguradora del Istmo – company overview
          • Table Aseguradora del Istmo – Key Facts
        • Mapfre Seguros Costa Rica SA – company overview
          • Table Mapfre Seguros Costa Rica SA – Key Facts
    • Governance, Risk and Compliance
      • Table Costa Rica – Insurance Regulatory Framework Key Features
      • Legislation Overview and Historical Evolution
      • Latest Changes in Regulation
      • Legislation and Market Practice by Type of Insurance
        • Life insurance
          • Table Costa Rica – Life Insurance Regulatory Framework
        • Property insurance
          • Table Costa Rica – Property Insurance Regulatory Framework
        • Motor insurance
          • Table Costa Rica – Motor Insurance Regulatory Framework
        • Liability insurance
          • Table Costa Rica – Liability Insurance Regulatory Framework
        • Marine, aviation and transit insurance
        • Personal accident and health insurance
      • Compulsory Insurance
        • Motor third-party liability insurance
        • Social security insurance
        • Aviation third-party liability insurance
        • Liability insurance for ships with respect to oil pollution
        • Occupational diseases insurance
      • Supervision and Control
        • International Association of Insurance Supervisors
        • Association of Insurance Supervisors Latin America
        • General Insurance Superintendence
      • Non-Admitted Insurance Regulations
        • Overview
        • Intermediaries
        • Market practices
        • Fines and Penalties
      • Company Registration and Operations
        • Type of insurance organization
        • Establishing a local company
        • Foreign ownership
        • Types of license
        • Capital requirements
        • Solvency margin
          • Table Costa Rica – Regulatory Capital Factor for Life Insurance
          • Table Costa Rica – Regulatory Capital Factor for Non-Life Insurance
        • Reserve requirements
        • Investment regulations
        • Statutory return requirements
        • Fee structure
      • Taxation
        • Insurance premium or policy taxation
        • Withholding taxes on premium paid overseas
        • Corporate tax
          • Table Costa Rica – Corporate Tax Rates for the Financial Year 2017
        • VAT
        • Captives
      • Legal System
        • Introduction
        • Access to court
        • Alternative dispute resolution
    • Databook
      • Life Insurance
        • Policies and premium
          • Table Costa Rican Life Insurance – Policies and Premium, 2013–2017
          • Table Costa Rican Life Insurance – Policies and Premium, 2017–2022
        • Claims and expenses
          • Table Costa Rican Life Insurance – Claims and Expenses, 2013–2017
          • Table Costa Rican Life Insurance – Claims and Expenses, 2017–2022
      • General Insurance
        • Policies and premium
          • Table Costa Rican General Insurance – Policies and Premium, 2013–2017
          • Table Costa Rican General Insurance – Policies and Premium, 2017–2022
        • Claims and expenses
          • Table Costa Rican General Insurance – Claims and Expenses, 2013–2017
          • Table Costa Rican General Insurance – Claims and Expenses, 2017–2022
        • Property insurance
          • Table Costa Rican General Insurance – Property Insurance, 2013–2017
          • Table Costa Rican General Insurance – Property Insurance, 2017–2022
        • Property insurance by category
          • Table Costa Rican General Insurance – Property Insurance by Category, 2013–2017
          • Table Costa Rican General Insurance – Property Insurance by Category, 2017–2022
        • Motor insurance
          • Table Costa Rican General Insurance – Motor Insurance, 2013–2017
          • Table Costa Rican General Insurance – Motor Insurance, 2017–2022
        • Motor insurance by category
          • Table Costa Rican General Insurance – Motor Insurance by Category, 2013–2017
          • Table Costa Rican General Insurance – Motor Insurance by Category, 2017–2022
        • Liability insurance
          • Table Costa Rican General Insurance – Liability Insurance, 2013–2017
          • Table Costa Rican General Insurance – Liability Insurance, 2017–2022
        • Financial lines insurance
          • Table Costa Rican General Insurance – Financial Lines Insurance, 2013–2017
          • Table Costa Rican General Insurance – Financial Lines Insurance, 2017–2022
        • Marine, aviation and transit insurance
          • Table Costa Rican General Insurance – Marine, Aviation and Transit Insurance, 2013– 2017
          • Table Costa Rican General Insurance – Marine, Aviation and Transit Insurance, 2017– 2022
        • Marine, aviation and transit insurance by category
          • Table Costa Rican General Insurance – Marine Aviation and Transit Insurance by Category, 2013–2017
          • Table Costa Rican General Insurance – Marine Aviation and Transit Insurance by Category, 2017–2022
        • Personal accident and health insurance
          • Table Costa Rican General Insurance – Personal Accident and Health Insurance, 2013– 2017
          • Table Costa Rican General Insurance – Personal Accident and Health Insurance, 2017– 2022
        • Personal accident and health insurance by category
          • Table Costa Rican General Insurance – Personal Accident and Health Insurance by Category, 2013–2017
          • Table Costa Rican General Insurance – Personal Accident and Health Insurance by Category, 2017–2022
    • Definitions and Methodology
      • Definitions
        • Table Insurance Industry Definitions
      • Methodology
    • About Timetric
      • Contact Timetric
      • About Timetric
      • Timetric's Services
      • Disclaimer

    Download our eBook: How to Succeed Using Market Research

    Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

    Download eBook

    Share this report