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Costa Rica

Costa Rica

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Costa Rica Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Costa Rica includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Costa Rica can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT-6
San Jose
CRC
5.14 mn
2.37%
2.50%
1,346.85
2.26

The Republic of Costa Rica is the third smallest country in Central America. Its small domestic market and dependence on exports exposes its economy to changes in external demand. Conditions in the US, which consumes over a third of Costa Rica's exports and represents its largest source of tourism arrivals, can constrain growth.

The non-life (P&C) sector has experienced periods of erratic growth since the abolition of the monopoly held by the state insurer INS in 2008.

Penetration of non-life products compares favourably to that of neighbouring Central American countries although there is still scope for improvement. To the north Costa Rica is bordered by Nicaragua and to the east by the Caribbean Sea. In the south-east there is a border with Panama whilst in the south and west there is a coastline on the Pacific Ocean.In mid-2020 there were 13 authorised and active insurance companies: six were composite, four wrote life and/or health (personal) classes only and three wrote non-life (general) classes only.

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