The insurance market in Costa Rica has shown 9% YoY growth as of June 2024, reflecting an overall positive trend despite varying performances across different segments. The total business volume in the insurance sector reached 681250 million Colones, representing an 8.6% increase compared to the same period in 2023, when the total stood at 627262 million. This growth has been driven primarily by a significant expansion in the general insurance segment, which saw a 12.5% rise to 327395 million Colones, up from 290976 million the previous year. The personal insurance segment also contributed to the sector's growth, albeit at a slower pace, with a 5.2% increase to 353855 million Colones from 336286 million in June 2023.
Insurance direct written premiums in Costa Rica YoY% (2019-2024)
The ranking of insurance companies by market share reveals a dominant position held by INS, which commands a 68.7% share of total premiums. PAN AMERICAN LIFE follows with 8.6%, while ASSA holds 7.6%, MAPFRE 3.6%, and ADISA 3.0%. These figures underline INS's substantial influence within the market, although it is important to note the dynamic shifts occurring among competitors. ASSA has made the most significant gains in market share, increasing by 0.84%, followed by LAFISE with a 0.48% increase and PAN AMERICAN LIFE with 0.46%. BEST MERIDIAN and INS also saw slight upticks of 0.23% and 0.18%, respectively.
Market share growth ranking (Life & non-Life)
Examining the volume of premiums across different categories, the automobile insurance segment stands out with a 25.5% year-over-year increase, reaching 120720 million Colones. This is a reflection of the heightened demand for vehicle insurance, a trend that has been consistent in the current economic environment. The segment covering fire and allied lines reported a modest 5.6% increase to 63250 million Colones, while the mandatory automobile insurance (SOA) saw a 9.6% rise to 69300 million. The health insurance segment grew by 15.9%, totaling 102464 million Colones, indicative of the increasing importance placed on healthcare coverage. Conversely, the life insurance segment experienced a decline of 7.3%, with premiums amounting to 114115 million Colones. The mandatory workers' compensation insurance (SRT) showed an 11.8% increase to 124031 million Colones.
YoY% by business line
Claims / Premiums ratio average by business line
Overall, Costa Rica's insurance market in 2024 reflects a robust expansion across most segments, driven by both mandatory and voluntary insurance lines. While INS continues to dominate the market, the increasing competition and shifting market shares suggest a dynamic landscape where other players are gaining ground. The observed trends point to a healthy market with opportunities for growth, particularly in segments like automobile and health insurance, which have shown substantial gains over the past year.
