The latest market share data for insurers (2023.02) in Costa Rica is available and it shows some interesting trends. According to the data, INS continues to hold the largest market share, but there has been a decrease in their market share from 72.7% in 2022 to 69.9% in 2023. This represents a decline of 2.78%.
On the other hand, PAN AMERICAN LIFE has seen an increase in its market share from 11.3% in 2022 to 13.4% in 2023, which represents a growth of 2.11%.
ASSA and QUALITAS have also seen a marginal increase in their market share, with ASSA’s market share growing from 4.6% in 2022 to 5.1% in 2023, and QUALITAS’ market share growing from 1.6% in 2022 to 2.1% in 2023. MAGISTERIO and BEST MERIDIAN have seen a slight decrease in their market share, while MAPFRE, ADISA, OCEANICA, and SAGICOR have seen marginal growth.
The insurance market size has been experiencing a mixed trend over the past year. The market started to recover in the latter half of 2021, with YoY% growth of 9.9% in September 2021, and continued to grow in 2022. However, in the following months, the YoY% growth has been on the decline, with YoY% growth of 1.7% in February 2023.
