1. The Insurance Industry in Costa Rica, Key Trends and
Opportunities to 2016
Report Details:
Published:December 2012
No. of Pages: 114
Price: Single User License – US$1950
Synopsis
The report provides in depth industry analysis, information and insights into the insurance industry
in Costa Rica, including:
• The Costa Rican insurance industry’s growth prospects by insurance segments and sub-
segments
• The competitive landscape in the Costa Rican insurance industry
• The current trends and drivers of the Costa Rican insurance industry
• The challenges facing the Costa Rican insurance industry
• The regulatory framework of the Costa Rican insurance industry
Summary
Until August 2008, Costa Rica was one of the few insurance industries in the world under
government control. In 2008, it was then de-monopolized, allowing several large global companies
such as Mapfre, AIG and Pan American Life to gain entry to operate into the industry, leading to
increased competition. Newly-formed private companies (including local and foreign) are making
major developments within the industry. The privatization of the insurance industry benefits
consumers by giving them more product choice. However, there are certain challenges to
investing in the Costa Rican insurance industry. As it is a small industry, certain categories, such
as mandatory motor insurance are not completely open and regulations are still in a
developmental phase. Nonetheless, the Costa Rican insurance industry is poised to grow,
benefiting from expanding trade, growing investment and a relatively stable operational
environment.
Scope
This report provides a comprehensive analysis of the insurance industry in Costa Rica:
• It provides historical values for the Costa Rican insurance industry for the report’s 2007–2011
review period and forecast figures for the 2012–2016 forecast period
• It offers a detailed analysis of the key segments and sub-segments in the Costa Rican insurance
industry, along with forecasts until 2016

2. • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio,
commissions and expenses, combined ratio, total assets, total investment income and retentions
• It profiles the top insurance companies in Costa Rica and outlines the key regulations affecting
them
Reasons To Buy
• Make strategic business decisions using in depth historic and forecast industry data related to
the Costa Rican insurance industry and each segment within it
• Understand the demand-side dynamics, key trends and growth opportunities within the Costa
Rican insurance industry
• Assess the competitive dynamics in the Costa Rican insurance industry
• Identify the growth opportunities and market dynamics within key segments
• Gain insights into key regulations governing the Costa Rican insurance industry and its impact
on companies and the industry''s future
Key Highlights
• Until August 2008, Costa Rica was one of the few insurance industries in the world under
government control.
• In 2008, it was then de-monopolized, allowing several large global companies such as Mapfre,
AIG and Pan American Life to gain entry to operate into the industry, leading to increased
competition.
• Newly-formed private companies (including local and foreign) are making major developments
within the industry.
• The privatization of the insurance industry benefits consumers by giving them more product
choice.
• However, there are certain challenges to investing in the Costa Rican insurance industry.
• As it is a small industry, certain categories, such as mandatory motor insurance are not
completely open and regulations are still in a developmental phase.
• Nonetheless, the Costa Rican insurance industry is poised to grow, benefiting from expanding
trade, growing investment and a relatively stable operational environment.
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to-2016.html
Major points covered in Table of Contents of this report include
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Costa Rican Insurance Industry Overview
3.1 Insurance Industry

3. 3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation
4 Market Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1. Property Insurance
4.2.2. Motor Insurance
4.2.3. Liability Insurance
4.2.4. Marine, Aviation and Transit Insurance
4.3 Personal Accident and Health Insurance
4.3.1. Personal Accident Insurance
4.3.2. Health Insurance
5 Competitive Landscape
5.1 Overview
5.2 Leading Companies – Insurance Sector
5.2.1. Instituto Nacional De Seguros (INS) – company overview
5.2.2. Seguros Del Magisterio – company overview
5.2.3. Pan American Life Insurance de Costa Rica, S.A – company overview
5.2.4. Assa Compañía de Seguros, S.A. – company overview
5.2.5. Atlantic Southern Insurance Company, Sucursal en Costa Rica–company overview
6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US dollar)
6.2 GDP per Capita at Constant Prices (US dollar)
6.3 GDP at Current Prices (US dollar)
6.4 Construction Output (US dollar million)
6.5 Construction Output as a Percentage of GDP
6.6 Inflation Rate
6.7 Exports as a Percentage of GDP
6.8 Number of Air Passengers
6.9 Healthcare Expenditure per Capita
6.1 Healthcare Expenditure as a Percentage of GDP
6.11 Employed Population
6.12 Annual Disposable Income
6.13 Annual Disposable Income per Capita
6.14 Total Population
7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

4. List of Tables
Table 1: Insurance Industry Definitions
Table 2: Costa Rican Insurance Overall Written Premium by Segment (CRC Billion), 2007–2011
Table 3: Costa Rican Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Costa Rican Insurance Overall Written Premium by Segment (CRC Billion), 2011–2016
Table 5: Costa Rican Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Costa Rican Insurance Segmentation (% Share), 2007–2016
Table 7: Costa Rican Life Insurance – Gross Written Premium (CRC Billion), 2007–2011
Table 8: Costa Rican Life Insurance – Gross Written Premium (CRC Billion), 2011–2016
Table 9: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2007–2011
Table 10: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2011–2016
Table 11: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2007–2011
Table 12: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2011–2016
Table 13: Costa Rican Life Insurance – Loss Ratio (%), 2007–2011
Table 14: Costa Rican Life Insurance – Loss Ratio (%), 2011–2016
Table 15: Costa Rican Life Insurance – Combined Ratio (%), 2007–2011
Table 16: Costa Rican Life Insurance – Combined Ratio (%), 2011–2016
Table 17: Costa Rican Life Insurance – Total Assets (CRC Billion), 2007–2011
Table 18: Costa Rican Life Insurance – Total Assets (CRC Billion), 2011–2016
Table 19: Costa Rican Life Insurance – Total Investment Income (CRC Billion), 2007–2011
Table 20: Costa Rican Life Insurance – Total Investment Income (CRC Billion), 2011–2016
Table 21: Costa Rican Life Insurance – Retentions (CRC Billion), 2007–2011
Table 22: Costa Rican Life Insurance – Retentions (CRC Billion), 2011–2016
Table 23: Cost Rican Non-Life Insurance Written Premium by Category (CRC Billion), 2007–2011
Table 24: Cost Rican Non-Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 25: Cost Rican Non-Life Insurance Written Premium by Category (CRC Billion), 2011–2016
Table 26: Cost Rican Non-Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 27: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2007–2011
Table 28: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2011–2016
Table 29: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2007–2011
Table 30: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2011–2016
Table 31: Costa Rican Non-Life Insurance – Loss Ratio (%), 2007–2011
Table 32: Costa Rican Non-Life Insurance – Loss Ratio (%), 2011–2016
Table 33: Costa Rican Non-Life Insurance – Combined Ratio (%), 2007–2011
Table 34: Costa Rican Non-Life Insurance – Combined Ratio (%), 2011–2016
Table 35: Costa Rican Non-Life Insurance – Total Assets (CRC Billion), 2007–2011
Table 36: Cost Rican Non-Life Insurance – Total Assets (CRC Billion), 2011–2016
Table 37: Costa Rican Non-Life Insurance – Total Investment Income (CRC Billion), 2007–2011
Table 38: Cost Rican Non-Life Insurance – Total Investment Income (CRC Billion), 2011–2016
Table 39: Cost Rican Non-Life Insurance – Retentions (CRC Billion), 2007–2011
Table 40: Cost Rican Non-Life Insurance – Retentions (CRC Billion), 2011–2016

5. Table 41: Costa Rican Property Insurance – Gross Written Premium (CRC Billion), 2007–2011
Table 42: Costa Rican Property Insurance – Gross Written Premium (CRC Billion), 2011–2016
Table 43: Costa Rican Motor Insurance – Gross Written Premium (CRC Billion), 2007–2011
Table 44: Costa Rican Motor Insurance – Gross Written Premium (CRC Billion), 2011–2016
Table 45: Costa Rican Liability Insurance – Gross Written Premium (CRC Billion), 2007–2011
Table 46: Costa Rican Liability Insurance – Gross Written Premium (CRC Billion), 2011–2016
Table 47: Costa Rican Marine, Aviation and Transit Insurance – Gross Written Premium (CRC
Billion), 2007–2011
Table 48: Costa Rican Marine, Aviation and Transit Insurance – Gross Written Premium (CRC
Billion), 2011–2016
Table 49: Costa Rican Personal Accident and Health Insurance Written Premium by Category
(CRC Billion), 2007–2011
Table 50: Costa Rican Personal Accident and Health Insurance Written Premium by Category
(US$ Billion), 2007–2011
Table 51: Costa Rican Personal Accident and Health Insurance Written Premium by Category
(CRC Billion), 2011–2016
Table 52: Costa Rican Personal Accident and Health Insurance Written Premium by Category
(US$ Billion), 2011–2016
Table 53: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2007–2011
Table 54: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2011–2016
Table 55: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2007–2011
Table 56: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2011–2016
Table 57: Costa Rican Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011
Table 58: Costa Rican Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016
Table 59: Costa Rican Personal Accident and Health Insurance – Combined Ratio (%),
2007–2011
Table 60: Costa Rican Personal Accident and Health Insurance – Combined Ratio (%),
2011–2016
Table 61: Costa Rican Personal Accident and Health Insurance – Total Assets (CRC Billion),
2007–2011
Table 62: Costa Rican Personal Accident and Health Insurance – Total Assets (CRC Billion),
2011–2016
Table 63: Costa Rican Personal Accident and Health Insurance – Total Investment Income (CRC
Billion), 2007–2011
Table 64: Costa Rican Personal Accident and Health Insurance – Total Investment Income (CRC
Billion), 2011–2016
Table 65: Costa Rican Personal Accident and Health Insurance – Retentions (CRC Billion),
2007–2011
Table 66: Costa Rican Personal Accident and Health Insurance – Retentions (CRC Billion),
2011–2016
Table 67: Costa Rican Personal Accident Insurance – Gross Written Premium (CRC Billion),
2007–2011

6. Table 68: Costa Rican Personal Accident Insurance – Gross Written Premium (CRC Billion),
2011–2016
Table 69: Costa Rican Health Insurance – Gross Written Premium (CRC Billion), 2007–2011
Table 70: Costa Rican Health Insurance – Gross Written Premium (CRC Billion), 2011–2016
Table 71: List of Costa Rican Insurance Companies as of September 2012
Table 72: OP Instituto Nacional De Seguros (INS), Main Products
Table 73: Instituto Nacional De Seguros (INS), Key Employees
Table 74: Seguros Del Magisterio, Main Products
Table 75: Seguros Del Magisterio, Key Employees
Table 76: Pan American Life Insurance de Costa Rica, S.A, Main Products
Table 77: Pan American Life Insurance de Costa Rica, S.A, Key Employees
Table 78: Assa Compañía de Seguros, S.A, Main Products
Table 79: Assa Compañía de Seguros, S.A, Key Employees
Table 80: Atlantic Southern Insurance Company, S.A, Main Products
Table 81: Atlantic Southern Insurance Company, S.A, Key Employees
List of Figures
Figure 1: Costa Rican Insurance Overall Written Premium by Segment (CRC Billion), 2007–2016
Figure 2: Costa Rican Insurance Industry Dynamics by Segment, 2007–2016
Figure 3: Costa Rican Life Insurance – Gross Written Premium (CRC Billion), 2007–2011
Figure 4: Costa Rican Life Insurance – Gross Written Premium (CRC Billion), 2011–2016
Figure 5: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2007–2011
Figure 6: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2011–2016
Figure 7: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2007–2011
Figure 8: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2011–2016
Figure 9: Costa Rican Life Insurance – Loss Ratio (%), 2007–2011
Figure 10: Costa Rican Life Insurance – Loss Ratio (%), 2011–2016
Figure 11: Costa Rican Life Insurance – Combined Ratio (%), 2007–2011
Figure 12: Costa Rican Life Insurance – Combined Ratio (%), 2011–2016
Figure 13: Costa Rican Life Insurance – Total Assets (CRC Billion), 2007–2011
Figure 14: Costa Rican Life Insurance – Total Assets (CRC Billion), 2011–2016
Figure 15: Costa Rican Life Insurance – Total Investment Income (CRC Billion), 2007–2011
Figure 16: Costa Rican Life Insurance – Total Investment Income (CRC Billion), 2011–2016
Figure 17: Costa Rican Life Insurance – Retentions (CRC Billion), 2007–2011
Figure 18: Costa Rican Life Insurance – Retentions (CRC Billion), 2011–2016
Figure 19: Costa Rican Life Insurance Penetration (% of GDP), 2007–2011
Figure 20: Costa Rican Life Insurance – Premium Per-capita (CRC), 2007–2011
Figure 21: Cost Rican Non-Life Insurance Written Premium by Category (CRC Billion), 2007–2016
Figure 22: Cost Rican Non-Life Insurance Written Premium by Category (% Share), 2011 and
2016
Figure 23: Cost Rican Non-Life Insurance Industry Dynamics by Category, 2007–2016
Figure 24: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2007–2011

7. Figure 25: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2011–2016
Figure 26: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2007–2011
Figure 27: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2011–2016
Figure 28: Costa Rican Non-Life Insurance – Loss Ratio (%), 2007–2011
Figure 29: Costa Rican Non-Life Insurance – Loss Ratio (%), 2011–2016
Figure 30: Costa Rican Non-Life Insurance – Combined Ratio (%), 2007–2011
Figure 31: Costa Rican Non-Life Insurance – Combined Ratio (%), 2011–2016
Figure 32: Costa Rican Non-Life Insurance – Total Assets (CRC Billion), 2007–2011
Figure 33: Cost Rican Non-Life Insurance – Total Assets (CRC Billion), 2011–2016
Figure 34: Costa Rican Non-Life Insurance – Total Investment Income (CRC Billion), 2007–2011
Figure 35: Cost Rican Non-Life Insurance – Total Investment Income (CRC Billion), 2011–2016
Figure 36: Cost Rican Non-Life Insurance – Retentions (CRC Billion), 2007–2011
Figure 37: Cost Rican Non-Life Insurance – Retentions (CRC Billion), 2011–2016
Figure 38: Cost Rican Non-Life Insurance Penetration (% of GDP), 2007–2011
Figure 39: Cost Rican Non-Life Insurance – Premium Per Capita (CRC), 2007–2011
Figure 40: Costa Rican Property Insurance – Gross Written Premium (CRC Billion), 2007–2011
Figure 41: Costa Rican Property Insurance – Gross Written Premium (CRC Billion), 2011–2016
Figure 42: Costa Rican Motor Insurance – Gross Written Premium (CRC Billion), 2007–2011
Figure 43: Costa Rican Motor Insurance – Gross Written Premium (CRC Billion), 2011–2016
Figure 44: Costa Rican Liability Insurance – Gross Written Premium (CRC Billion), 2007–2011
Figure 45: Costa Rican Liability Insurance – Gross Written Premium (CRC Billion), 2011–2016
Figure 46: Costa Rican Marine, Aviation and Transit Insurance – Gross Written Premium (CRC
Billion), 2007–2011
Figure 47: Costa Rican Liability Insurance – Gross Written Premium (CRC Billion), 2011–2016
Figure 48: Costa Rican Personal Accident and Health Insurance Written Premium by Category
(CRC Billion), 2007–2016
Figure 49: Costa Rican Personal Accident and Health Insurance Written Premium by Category (%
Share), 2011 and 2016
Figure 50: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2007–2011
Figure 51: Costa Rican Life Insurance – Paid Claims (CRC Billion), 2011–2016
Figure 52: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2007–2011
Figure 53: Costa Rican Life Insurance – Incurred Loss (CRC Billion), 2011–2016
Figure 54: Costa Rican Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011
Figure 55: Costa Rican Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016
Figure 56: Costa Rican Personal Accident and Health Insurance – Combined Ratio (%),
2007–2011
Figure 57: Costa Rican Personal Accident and Health Insurance – Combined Ratio (%),
2011–2016
Figure 58: Costa Rican Personal Accident and Health Insurance – Total Assets (CRC Billion),
2007–2011
Figure 59: Costa Rican Personal Accident and Health Insurance – Total Assets (CRC Billion),
2011–2016

8. Figure 60: Costa Rican Personal Accident and Health Insurance – Total Investment Income (CRC
Billion), 2007–2011
Figure 61: Costa Rican Personal Accident and Health Insurance – Total Investment Income (CRC
Billion), 2011–2016
Figure 62: Costa Rican Personal Accident and Health Insurance – Retentions (CRC Billion),
2007–2011
Figure 63: Costa Rican Personal Accident and Health Insurance – Retentions (CRC Billion),
2011–2016
Figure 64: Costa Rican Personal Accident and Health Insurance Penetration (% of GDP),
2007–2011
Figure 65: Costa Rican Personal Accident and Health Insurance – Premium Per Capita (CRC),
2007–2011
Figure 66: Costa Rican Personal Accident Insurance – Gross Written Premium (CRC Billion),
2007–2011
Figure 67: Costa Rican Personal Accident Insurance – Gross Written Premium (CRC Billion),
2011–2016
Figure 68: Costa Rican Health Insurance – Gross Written Premium (CRC Billion), 2007–2011
Figure 69: Costa Rican Health Insurance – Gross Written Premium (CRC Billion), 2011–2016
Figure 70: Costa Rican Insurance Industry Share in 2010 and 2011
Figure 71: Costa Rican GDP at Constant Prices (US$ Billion), 2007–2011
Figure 72: Costa Rican GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 73: Costa Rican GDP at Current Prices (US$ Billion), 2007–2011
Figure 74: Costa Rican Construction Output (US$ million), 2007–2011
Figure 75: Costa Rican Exports as a Percentage of GDP (%), 2007–2011
Figure 76: Costa Rican Inflation Rate (%), 2007–2011
Figure 77: Costa Rican Exports as a Percentage of GDP (%), 2007–2011
Figure 78: Costa Rican Number of Air Passengers (000), 2007–2011
Figure 79: Costa Rican Healthcare Expenditure Per Capita (US$), 2007–2011
Figure 80: Costa Rican Exports as a Percentage of GDP (%), 2007–2011
Figure 81: Costa Rican Employed Population (%), 2007–2011
Figure 82: Costa Rican Annual Disposable Income (US$ Billion), 2007–2011
Figure 83: Costa Rican Annual Disposable Income per Capita (US$), 2007–2011
Figure 84: Costa Rican Total Population (Million), 2007–2011
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