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

  • ID: 4564136
  • Report
  • Region: Costa Rica
  • 114 pages
  • Timetric
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FEATURED COMPANIES

  • ASSA Compañía de Seguros
  • Mapfre Seguros Costa Rica
  • Oceánica de Seguros SA
  • Seguros Lafise Costa Rica
  • Triple-S Blue Inc.
  • MORE
The Insurance Industry in Costa Rica, Key Trends and Opportunities to 2022

Summary:

'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 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 for Purchase:
  • 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.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • ASSA Compañía de Seguros
  • Mapfre Seguros Costa Rica
  • Oceánica de Seguros SA
  • Seguros Lafise Costa Rica
  • Triple-S Blue Inc.
  • MORE
1. Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Paid claims

5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Penetration

6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Penetration
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Financial Lines Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.6 Marine, Aviation and Transit Insurance
6.6.1 Gross written premium
6.6.2 Penetration
6.7 Personal Accident and Health Insurance
6.7.1 Gross written premium
6.7.2 Penetration

7 Reinsurance Outlook

8 Distribution Channel Outlook
8.1 Analysis by Distribution Channel

9 Natural and Man-Made Hazards
9.1 Flooding
9.2 Earthquakes
9.3 Storms and Landslides
9.4 Exposure

10 Competitive Landscape
10.1 Company Profiles
10.1.1 Instituto Nacional de Seguros - company overview
10.1.2 Assa Compañía de Seguros - company overview
10.1.3 Pan-American Life Insurance de Costa Rica, SA - company overview
10.1.4 Aseguradora del Istmo - company overview
10.1.5 Mapfre Seguros Costa Rica SA - company overview

11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Social security insurance
11.4.3 Aviation third-party liability insurance
11.4.4 Liability insurance for ships with respect to oil pollution
11.4.5 Occupational diseases insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 Association of Insurance Supervisors Latin America
11.5.3 General Insurance Superintendence
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution

12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Property insurance
12.2.4 Property insurance by category
12.2.5 Motor insurance
12.2.6 Motor insurance by category
12.2.7 Liability insurance
12.2.8 Financial lines insurance
12.2.9 Marine, aviation and transit insurance
12.2.10 Marine, aviation and transit insurance by category
12.2.11 Personal accident and health insurance
12.2.12 Personal accident and health insurance by category

13 Definitions and Methodology
13.1 Definitions
13.2 Methodology

14 About the Publisher
14.1 Contact the Publisher
14.2 About the Publisher
14.3 The Publisher's Services
14.4 Disclaimer

List of Tables
Table 1: Costa Rican Insurance Industry - Key Facts, 2017
Table 2: Costa Rican Insurance Industry - Industry Shares of the Top Insurers, 2017
Table 3: Costa Rican Government Credit Ratings
Table 4: Costa Rican Insurance Industry - Gross Written Premium (CRC Billion and US$ Billion), 2013-2017
Table 5: Costa Rican Insurance Industry - Gross Written Premium (CRC Billion and US$ Billion), 2017-2022
Table 6: Costa Rican Insurance Industry - Density (CRC), 2013-2017
Table 7: Costa Rican Insurance Industry - Density (CRC), 2017-2022
Table 8: Costa Rican Insurance Industry - Paid Claims (CRC Billion and US$ Million), 2013-2017
Table 9: Costa Rican Insurance Industry - Paid Claims (CRC Billion and US$ Million), 2017-2022
Table 10: Costa Rican Life Insurance - Gross Written Premium (CRC Billion and US$ Million), 2013-2017
Table 11: Costa Rican Life Insurance - Gross Written Premium (CRC Billion and US$ Million), 2017-2022
Table 12: Costa Rican General Insurance - Gross Written Premium (CRC Billion and US$ Billion), 2013-2017
Table 13: Costa Rican General Insurance - Gross Written Premium (CRC Billion and US$ Billion), 2017-2022
Table 14: Costa Rican Property Insurance - Gross Written Premium (CRC Billion and US$ Million), 2013-2017
Table 15: Costa Rican Property Insurance - Gross Written Premium (CRC Billion and US$ Million), 2017-2022
Table 16: Costa Rican Motor Insurance - Gross Written Premium (CRC Billion and US$ Million), 2013-2017
Table 17: Costa Rican Motor Insurance - Gross Written Premium (CRC Billion and US$ Million), 2017-2022
Table 18 Costa Rican Liability Insurance - Gross Written Premium (CRC Billion and US$ Million), 2013-2017
Table 19: Costa Rican Liability Insurance - Gross Written Premium (CRC Billion and US$ Million), 2017-2022
Table 20: Costa Rican Financial Lines Insurance - Gross Written Premium (CRC Billion and US$ Million), 2013-2017
Table 21: Costa Rican Financial Lines Insurance - Gross Written Premium (CRC Billion and US$ Million), 2017-2022
Table 22: Costa Rican Marine, Aviation and Transit Insurance - Gross Written Premium (CRC Billion and US$ Million), 2013-2017
Table 23: Costa Rican Marine, Aviation and Transit Insurance - Gross Written Premium (CRC Billion and US$ Million), 2017-2022
Table 24: Costa Rican Personal Accident and Health Insurance - Gross Written Premium (CRC Billion and US$ Million), 2013-2017
Table 25: Costa Rican Personal Accident and Health Insurance - Gross Written Premium (CRC Billion and US$ Million), 2017-2022
Table 26: Insurance Agencies in Costa Rica
Table 27: Costa Rican Insurance Industry - Market Shares of Leading Insurers (%), 2017
Table 28: Costa Rican Insurance Industry - Market Shares of Life Insurers (%), 2017
Table 29: Costa Rican Insurance Industry - Market Shares of General Insurers (%), 2017
Table 30: Instituto Nacional de Seguros - Key Facts
Table 31: Assa Compañía de Seguros - Key Facts
Table 32: Pan-American Life Insurance de Costa Rica, SA - Key Facts
Table 33: Aseguradora del Istmo - Key Facts
Table 34: Mapfre Seguros Costa Rica SA - Key Facts
Table 35: Costa Rica - Insurance Regulatory Framework Key Features
Table 36: Costa Rica - Life Insurance Regulatory Framework
Table 37: Costa Rica - Property Insurance Regulatory Framework
Table 38: Costa Rica - Motor Insurance Regulatory Framework
Table 39: Costa Rica - Liability Insurance Regulatory Framework
Table 40: Costa Rica - Regulatory Capital Factor for Life Insurance
Table 41: Costa Rica - Regulatory Capital Factor for Non-Life Insurance
Table 42: Costa Rica - Corporate Tax Rates for the Financial Year 2017
Table 43: Costa Rican Life Insurance - Policies and Premium, 2013-2017
Table 44: Costa Rican Life Insurance - Policies and Premium, 2017-2022
Table 45: Costa Rican Life Insurance - Claims and Expenses, 2013-2017
Table 46: Costa Rican Life Insurance - Claims and Expenses, 2017-2022
Table 47: Costa Rican General Insurance - Policies and Premium, 2013-2017
Table 48: Costa Rican General Insurance - Policies and Premium, 2017-2022
Table 49: Costa Rican General Insurance - Claims and Expenses, 2013-2017
Table 50: Costa Rican General Insurance - Claims and Expenses, 2017-2022
Table 51: Costa Rican General Insurance - Property Insurance, 2013-2017
Table 52: Costa Rican General Insurance - Property Insurance, 2017-2022
Table 53: Costa Rican General Insurance - Property Insurance by Category, 2013-2017
Table 54: Costa Rican General Insurance - Property Insurance by Category, 2017-2022
Table 55: Costa Rican General Insurance - Motor Insurance, 2013-2017
Table 56: Costa Rican General Insurance - Motor Insurance, 2017-2022
Table 57: Costa Rican General Insurance - Motor Insurance by Category, 2013-2017
Table 58: Costa Rican General Insurance - Motor Insurance by Category, 2017-2022
Table 59: Costa Rican General Insurance - Liability Insurance, 2013-2017
Table 60: Costa Rican General Insurance - Liability Insurance, 2017-2022
Table 61: Costa Rican General Insurance - Financial Lines Insurance, 2013-2017
Table 62: Costa Rican General Insurance - Financial Lines Insurance, 2017-2022
Table 63: Costa Rican General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 64: Costa Rican General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 65: Costa Rican General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017
Table 66: Costa Rican General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022
Table 67: Costa Rican General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 68: Costa Rican General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 69: Costa Rican General Insurance - Personal Accident and Health Insurance by Category, 2013-2017
Table 70: Costa Rican General Insurance - Personal Accident and Health Insurance by Category, 2017-2022
Table 71: Insurance Industry Definitions

List of Figures
Figure 1: Costa Rican Real GDP (CRC Trillion), 2013-2022
Figure 2: Costa Rican Exchange Rate (CRC per US$), 2013-2022
Figure 3: Costa Rican Consumer Price Inflation (%), 2013-2022
Figure 4: Costa Rican Current Account Balance as Percentage of GDP (%), 2013-2022
Figure 5: Costa Rican Unemployment Rate, 2013-2022
Figure 6: Costa Rican Population by Age Group, 2013-2022
Figure 7: Costa Rican Insurance Industry - Gross Written Premium (CRC Billion), 2013-2022
Figure 8: Costa Rican Insurance Industry - Density (CRC), 2013-2022
Figure 9: Costa Rican Insurance Industry - Paid Claims (CRC Billion), 2013-2022
Figure 10: Costa Rican Life Insurance - Gross Written Premium (CRC Billion), 2013-2022
Figure 11: Costa Rican Life Insurance - Penetration (%), 2013-2017
Figure 12: Costa Rican Life Insurance - Penetration (%), 2017-2022
Figure 13: Costa Rican General Insurance - Gross Written Premium (CRC Billion), 2013-2022
Figure 14: Costa Rican General Insurance - Penetration (%), 2013-2017
Figure 15: Costa Rican General Insurance - Penetration (%), 2017-2022
Figure 16: Costa Rican Property Insurance - Gross Written Premium (CRC Billion), 2013-2022
Figure 17: Costa Rican Property Insurance - Penetration (%), 2013-2017
Figure 18: Costa Rican Property Insurance - Penetration (%), 2017-2022
Figure 19: Costa Rican Motor Insurance - Gross Written Premium (CRC Billion), 2013-2022
Figure 20: Costa Rican Motor Insurance - Penetration (%), 2013-2017
Figure 21: Costa Rican Motor Insurance - Penetration (%), 2017-2022
Figure 22: Costa Rican Liability Insurance - Gross Written Premium (CRC Billion), 2013-2022
Figure 23: Costa Rican Liability Insurance - Penetration (%), 2013-2017
Figure 24: Costa Rican Liability Insurance - Penetration (%), 2017-2022
Figure 25: Costa Rican Financial Lines Insurance - Gross Written Premium (CRC Billion), 2013-2022
Figure 26: Costa Rican Financial Lines Insurance - Penetration (%), 2013-2017
Figure 27: Costa Rican Financial Lines Insurance - Penetration (%), 2017-2022
Figure 28: Costa Rican Marine, Aviation and Transit Insurance - Gross Written Premium (CRC Billion), 2013-2022
Figure 29: Costa Rican Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 30: Costa Rican Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
Figure 31: Costa Rican Personal Accident and Health Insurance - Gross Written Premium (CRC Billion), 2013-2022
Figure 32: Costa Rican Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 33: Costa Rican Personal Accident and Health Insurance - Penetration (%), 2017-2022
Figure 34: Costa Rican Insurance Industry - Market Shares of Leading Insurers (%), 2017
Figure 35: Costa Rican Insurance Industry - Market Shares of Life Insurers (%), 2017
Figure 36: Costa Rican Insurance Industry - Market Shares of General Insurers (%), 2017
Figure 37: Costa Rica - Insurance Supervision and Control at Various Levels
Figure 38: Costa Rica - Insurance Regulatory Frameworks for Company Registration and Operation
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  • Instituto Nacional de Seguros
  • ASSA Compañía de Seguros
  • Pan American Life Insurance
  • Mapfre Seguros Costa Rica
  • Aseguradora del Istmo (ADISA)
  • Quálitas Compañía de Seguros (Costa Rica)
  • Oceánica de Seguros SA
  • Triple-S Blue Inc.
  • Best Meridian Insurance Company
  • Seguros Lafise Costa Rica
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