Insurance written premiums in Costa Rica
At the close of Q4 2023, the insurance premium volume in Costa Rica amounted to 1.073 billion Colones, reflecting 5.4% increase compared to the figures recorded in 2022. This signifies a net growth nearly null if inflation is considered and a market deceleration compared to the growth levels observed in previous fiscal periods.
Within the non-life insurance segment, there was a 2% growth, while life insurance businesses demonstrated a substantial 8.6% nominal annual increase.
The performance across various non-life coverage categories exhibited significant variations; while auto insurance experienced a 5% growth, coverages such as Fire, Surety, and Agricultural suffered year-on-year contractions. On the other hand, life insurance businesses saw a remarkable 9.6% growth, health coverages increased by 6%, and accident coverages recorded a 2% uptick.
In terms of market share growth, Mapfre emerged as the leader with a notable advancement of +0.52 percentage points over the analyzed 12 months. Following closely were INS (+0.36), Qualitas (+0.30), Adisa (+0.26), and Davivienda (+0.04).
Maintaining its prominence, INS commands a substantial 65% share of the total market, followed by ASSA with 7.9% and Pan American Life with 7.5%.
The performance across various non-life coverage categories exhibited significant variations; while auto insurance experienced a 5% growth, coverages such as Fire, Surety, and Agricultural suffered year-on-year contractions. On the other hand, life insurance businesses saw a remarkable 9.6% growth, health coverages increased by 6%, and accident coverages recorded a 2% uptick.
In terms of market share growth, Mapfre emerged as the leader with a notable advancement of +0.52 percentage points over the analyzed 12 months. Following closely were INS (+0.36), Qualitas (+0.30), Adisa (+0.26), and Davivienda (+0.04).
Maintaining its prominence, INS commands a substantial 65% share of the total market, followed by ASSA with 7.9% and Pan American Life with 7.5%.
