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Costa Rica Insurance Report Q2 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 42 pages

Includes 3 FREE quarterly updates

BMI View: We maintain a positive outlook for the Costa Rican insurance segment as a whole. Both the lifeinsurance and non-life segments are poised for robust growth over the course of our forecast periodof 2016-2020. Insurance sector growth will be driven by rising incomes, a positive economic outlook, anuptick in real private final consumption and rising discretionary spending powers of households that havegrowing disposable incomes. The life sector is poised to grow on par with the non-life sector in 2016,driven by a desire for savings. The non-life sector will grow based on demand for insurance of big-ticketitems such as property, motor insurance and a robust growth prospect for the health insurance life. We arenevertheless cautious about the primary of the former state-owned monopoly, INS, which had premiums ofover 80% of the total insurance industry in the country.

We believe that non-life competition to challengeINS primary is stronger than the life insurance competition at present. Smaller challengers, particularlythose with international experience, can capitalize on growth prospects by means of product innovation andprice competitiveness.

Latest Updates & Industry Developments

- We maintain a strong outlook for the insurance industry as a whole. We forecast a total insuranceindustry growth of 6.5% y-o-y in 2016, with premiums reaching USD1.3bn

- Life sector growth will amount to 7.2% y-o-y in 2016, with premiums reaching USD160mn.

- Non-life sector growth will approximate 6.4% with premiums reaching USD1.1bn in 2016.

Table Of Contents

Costa Rica Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Costa Rica 2013-2020) 5
SWOT 6
Industry Forecast 7
Costa Rica Life Premiums Forecast 7
Table: Life Premiums (Costa Rica 2013-2020) 10
Table: Life Insurance Claims (Costa Rica 2010-2014) 10
Costa Rica Non-Life Premiums Forecast 11
Table: Non-Life Premiums (Costa Rica 2013-2020) 14
Table: Non-Life Insurance Claims (Costa Rica 2010-2014) 14
Costa Rica Non-Life Sub-Sector Forecast 15
Table: Non-Life Insurance Premiums by Product Line (Costa Rica 2013-2020) 22
Industry Risk/Reward Index 24
Latin America Insurance Risk/Reward Index 24
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q216 25
Market Overview 26
Life Market Overview 26
The Product Offering 26
The Competitive Landscape 26
Table: Life Insurance Market Sare, USDmn, 2011-2014 27
Non-Life Market Overview 27
The Product Offering 27
The Competitive Landscape 28
Table: Non-Life Insurance Market Share, USDmn, 2011-2014 29
Company Profile 30
ASSA 30
INS 32
MAPFRE 34
Methodology 36
Industry Forecast Methodology 36
Risk/Reward Index Methodology 39
Table: Indicators 41
Table: Weighting of Indicators 42

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