Costa Rica

Life Report

Product Insurance Market Reports Life Rev Costa Rica

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Costa Rica's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Costa Rica's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Costa Rica

The Costa Rica life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Costa Rica.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Costa Rica and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Costa Rica’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Costa Rica is available.

Axco’s report describes the regulatory framework that applies to the Costa Rica domestic life insurance sector, including whether non-admitted insurance is permitted in Costa Rica; as well as the legislation necessary to know regarding Costa Rica’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Costa Rica with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Costa Rican market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Costa Rica, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Costa Rican pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Costa Rica report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Costa Rica Life and Benefits Report Extract

Below are brief extracts of information from the Costa Rica Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The Costa Rican insurance market is predominantly non-life although the proportion of life business has shown a general tendency to increase year on year. In 2019 written life, PA and healthcare written premiums totalled CRC 262.90bn (USD 447.64mn), of which life premiums represented 50.77% or CRC 133.48bn (USD 227.27mn), an increase of 7.71% over 2018.

Despite the consistent growth, penetration of life products still remains modest at around 0.37% of GDP and USD 45.03 per capita. This reflects a relatively low demand from local consumers and is unlikely to change significantly in the ....


The pensions market in Costa Rica is a mixed social insurance and individual account system that is mandatory for workers.

The system operates on a multi-pillar basis with the first pillar being a pay-as-you-go (PAYG) scheme. Benefits are considered to be wide-ranging, although not necessarily over-generous.

The second pillar consists of individual savings accounts administered by a private pension fund provider ....


Costa Rica has an effective health service and as the country has no military forces to finance, it is able to invest more money than is usual in Latin America in social security and the provision of healthcare.

The state institution responsible for social protection is the Costa Rican Social Security Fund (Caja Costarricense de Seguro Social - CCSS). Founded in 1942 it manages various social security programmes, including the universal health insurance scheme ....

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