The insurance market in Costa Rica presents a dynamic and competitive landscape, with significant variations in market share and premium volumes among the key players. The INS dominates the market with a commanding 69.9% share of total premiums. Following INS, Pan American Life holds 11.4%, ASSA has 6.8%, MAPFRE claims 2.9%, and Qualitas rounds out the top five with 2.7%.
In terms of capturing market share growth in direct premium volume, Pan American Life leads the pack with an impressive increase of 1.13%. ASSA follows with a growth of 0.44%, closely trailed by Qualitas at 0.43%. Best Meridian and Lafise also saw gains, albeit smaller, with growths of 0.10% and 0.08%, respectively.
Examining the volume of premiums, the overall market in 2024 reached 411,6 billion colones, reflecting an annual variation of 5.9%. This growth is distributed across various sectors. General insurance saw a volume of 195,6 billion colones, growing by 3.2%. Personal insurance outperformed with 215,9 billion colones, an 8.4% increase.
Specific segments showed mixed results. Automobile insurance premiums amounted to 63,842.1 million colones, marking a 5.8% rise. Conversely, the fire and allied lines segment experienced a decline of 6.0%, totaling 26,448.4 million colones. The compulsory automobile insurance (SOA) segment exhibited robust growth at 8.8%, with premiums reaching 66,108.7 million colones. Health insurance premiums grew by 5.2% to 60,946.4 million colones. The compulsory occupational risk insurance (SRT) segment showed the highest growth, surging by 15.8% to 82,227.9 million colones. Life insurance premiums also saw a moderate increase of 5.0%, totaling 64,756.9 million colones.
Overall, the insurance market in Costa Rica demonstrates robust activity and growth, with particular strengths in personal and compulsory insurance segments, despite challenges in specific areas such as fire and allied lines. The competitive landscape is marked by the dominance of INS and the notable gains of other key players, indicating a dynamic and evolving market.
