As of March 2025, Costa Rica's insurance industry recorded a total premium volume of 430,503 million Colones, marking a 4.6% year-on-year nominal increase. This growth was driven entirely by the personal insurance segment, which rose 12.8% to C$ 243,700 million offsetting a 4.5% contraction in the general insurance segment, which totaled C$ 186,803 million.
In U.S. dollars, the total market reached USD 895 million in the first quarter, representing a 7.6% increase compared to the same period in 2024. The Instituto Nacional de Seguros (INS) continues to dominate the market with a 67.4% share, followed by Pan American Life with 13.6% and ASSA with 7.0%. Notably, Pan American Life led in market share growth, increasing its share by 2.14 percentage points over the past year.
Insurance Market in Costa Rica 2015-2025 (Excel dataset)
Market overview
In the twelve months ending March 2025, Costa Rica’s insurance market showed moderate overall expansion, totaling 430,503 million Colones in written premiums, compared to 411,632 million a year earlier. The performance was mixed across segments: while the personal insurance line surged 12.8% to 243,700 million Colones, the general insurance line declined by 4.5%, totaling 186,803 million Colones. When expressed in U.S. dollars, the market’s growth was more pronounced due to currency movements, increasing from USD 832 million to USD 895 million, a 7.6% rise.
Within specific product lines, the most significant contraction occurred in automobile insurance, which fell 41.1% to 37,592 million Colones. This sharp drop contrasts with the strong performance of other segments, particularly health insurance, which grew by 24.5% to 75,887 million Colones, and fire and allied lines, which rose 21.8% to 32,218 million Colones. The mandatory automobile insurance (SOA) recorded a 9.6% increase, totaling 72,462 million colones, and the mandatory workers' compensation insurance (SRT) also grew by 9.6%, reaching 90,124 million Colones. Life insurance premiums stood at 70,194 million Colones, up 8.4% year-over-year.
INS maintained its leadership in the market, capturing 67.4% of total premiums, followed by Pan American Life with 13.6%, ASSA with 7.0%, MAPFRE with 2.9%, and QUALITAS with 2.4%. In terms of market share gains, Pan American Life posted the most notable increase at 2.14 percentage points. Other insurers showing growth included MNK (formerly OCEANICA) with a 0.43 percentage point gain, ASSA with 0.19, SAGICOR with 0.15, and LAFISE with 0.11.
This update highlights the ongoing shift in Costa Rica’s insurance landscape, with personal lines, particularly health and life, gaining importance, while some segments in the general insurance category face downward pressure.