The Insurance Industry in Costa Rica, Key Trends and Opportunities to 2018

Published: Jun, 2014 | Pages: 142 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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 categories
The competitive landscape in the Costa Rican insurance industry
The current trends and drivers of the Costa Rican insurance industry
Challenges facing the Costa Rican insurance industry
Detailed regulatory framework of the Costa Rican insurance industry

Summary
The Costa Rican insurance industry underwent a significant transformation during the review period following its liberalization in 2008. Until 2008, the industry was predominantly led by the state-owned insurance company, Instituto Nacional de Seguros (INS). However, the scenario has changed and the number of insurance providers increased following the liberalization process; as of 2013, there were 13 companies licensed to conduct insurance business in Costa Rica.
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 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Costa Rican insurance industry, along with forecasts until 2018.
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.
Reason 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
The Costa Rican insurance industry grew in written premium terms at a CAGR of 10.0%.
The Costa Rican insurance industry underwent a significant transformation during the review period (2009-2013) following its liberalization in 2008
The penetration rate of Costa Rica's life segment stood at 2.06% in 2012, which is low when compared to countries such as Panama, which recorded a rate of 3.6%.
Costa Rica's working-age population is increasing marginally, which will support the development of its insurance industry.
As of December 2013, 13 companies were licensed to conduct insurance business in the country.
In 2013, there were 11 insurance companies operating in the life insurance segment.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Costa Rican Insurance Industry Overview
3.1 Costa Rican Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation
4 Industry 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 Persol Accident and Health Insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Social security system
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors
5.4.2 Association of Insurance Supervisors Latin America
5.4.3 General Insurance Superintendence
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Instituto ciol de Seguros (INS) - company overview
6.2.2 Pan American Life Insurance de Costa Rica, SA - company overview
6.2.3 Mapfre Seguros Costa Rica - company overview
6.2.4 Seguros del Magiterio - company overview
6.2.5 Assa Compania de Seguros - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices
7.4 Household Consumption Expenditure
7.5 Household Fil Consumption Expenditure as a Percentage of GDP
7.6 Inflation Rate
7.7 Urban and Rural Populations
7.8 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Costa Rican Insurance Overall Written Premium by Segment (CRC Billion), 2009-2013
Table 3: Costa Rican Insurance Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Costa Rican Insurance Overall Written Premium by Segment (CRC Billion), 2013-2018
Table 5: Costa Rican Insurance Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Costa Rican Insurance Segmentation (% Share), 2009-2018
Table 7: Costa Rican Life Insurance - Written Premium (CRC Billion), 2009-2013
Table 8: Costa Rican Life Insurance - Written Premium (CRC Billion), 2013-2018
Table 9: Costa Rican Life Insurance - Paid Claims (CRC Billion), 2009-2013
Table 10: Costa Rican Life Insurance - Paid Claims (CRC Billion), 2013-2018
Table 11: Costa Rican Life Insurance - Incurred Loss (CRC Billion), 2009-2013
Table 12: Costa Rican Life Insurance - Incurred Loss (CRC Billion), 2013-2018
Table 13: Costa Rican Life Insurance - Loss Ratio (%), 2009-2013
Table 14: Costa Rican Life Insurance - Loss Ratio (%), 2013-2018
Table 15: Costa Rican Life Insurance - Combined Ratio (%), 2009-2013
Table 16: Costa Rican Life Insurance - Combined Ratio (%), 2013-2018
Table 17: Costa Rican Life Insurance - Total Assets (CRC Billion), 2009-2013
Table 18: Costa Rican Life Insurance - Total Assets (CRC Billion), 2013-2018
Table 19: Costa Rican Life Insurance - Total Investment Income (CRC Billion), 2009-2013
Table 20: Costa Rican Life Insurance - Total Investment Income (CRC Billion), 2013-2018
Table 21: Costa Rican Life Insurance - Retentions (CRC Billion), 2009-2013
Table 22: Costa Rican Life Insurance - Retentions (CRC Billion), 2013-2018
Table 23: Costa Rican Non-Life Insurance - Written Premium by Category (CRC Billion), 2009-2013
Table 24: Costa Rican Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 25: Costa Rican Non-Life Insurance - Written Premium by Category (CRC Billion), 2013-2018
Table 26: Costa Rican Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 27: Costa Rican Non-Life Insurance - Paid Claims (CRC Billion), 2009-2013
Table 28: Costa Rican Non-Life Insurance - Paid Claims (CRC Billion), 2013-2018
Table 29: Costa Rican Non-Life Insurance - Incurred Loss (CRC Billion), 2009-2013
Table 30: Costa Rican Non-Life Insurance - Incurred Loss (CRC Billion), 2013-2018
Table 31: Costa Rican Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 32: Costa Rican Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 33: Costa Rican Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 34: Costa Rican Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 35: Costa Rican Non-Life Insurance - Total Assets (CRC Billion), 2009-2013
Table 36: Costa Rican Non-Life Insurance - Total Assets (CRC Billion), 2013-2018
Table 37: Costa Rican Non-Life Insurance - Total Investment Income (CRC Billion), 2009-2013
Table 38: Costa Rican Non-Life Insurance - Total Investment Income (CRC Billion), 2013-2018
Table 39: Costa Rican Non-Life Insurance - Retentions (CRC Billion), 2009-2013
Table 40: Costa Rican Non-Life Insurance - Retentions (CRC Billion), 2013-2018
Table 41: Costa Rican Property Insurance - Written Premium (CRC Billion), 2009-2013
Table 42: Costa Rican Property Insurance - Written Premium (CRC Billion), 2013-2018
Table 43: Costa Rican Motor Insurance - Written Premium (CRC Billion), 2009-2013
Table 44: Costa Rican Motor Insurance - Written Premium (CRC Billion), 2013-2018
Table 45: Costa Rican Liability Insurance - Written Premium (CRC Billion), 2009-2013
Table 46: Costa Rican Liability Insurance - Written Premium (CRC Billion), 2013-2018
Table 47: Costa Rican Marine, Aviation and Transit Insurance - Written Premium (CRC Billion), 2009-2013
Table 48: Costa Rican Marine, Aviation and Transit Insurance - Written Premium (CRC Billion), 2013-2018
Table 49: Costa Rican Persol Accident and Health Insurance - Written Premium (CRC Billion), 2009-2013
Table 50: Costa Rican Persol Accident and Health Insurance - Paid Claim (CRC Billion), 2009-2013
Table 51: Costa Rican Persol Accident and Health Insurance - Paid Claim (CRC Billion), 2013-2018
Table 52: Costa Rican Persol Accident and Health Insurance - Incurred Loss (CRC Billion), 2009-2013
Table 53: Costa Rican Persol Accident and Health Insurance - Incurred Loss (CRC Billion), 2013-2018
Table 54: Costa Rican Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 55: Costa Rican Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 56: Costa Rican Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 57: Costa Rican Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 58: Costa Rican Persol Accident and Health Insurance - Total Assets (CRC Billion), 2009-2013
Table 59: Costa Rican Persol Accident and Health Insurance - Total Assets (CRC Billion), 2013-2018
Table 60: Costa Rican Persol Accident and Health Insurance - Total Investment Income (CRC Billion), 2009-2013
Table 61: Costa Rican Persol Accident and Health Insurance - Total Investment Income (CRC Billion), 2013-2018
Table 62: Costa Rican Persol Accident and Health Insurance - Retentions (CRC Billion), 2009-2013
Table 63: Costa Rican Persol Accident and Health Insurance - Retentions (CRC Billion), 2013-2018
Table 64: Costa Rican Reinsurance Ceded by Insurance Industry (CRC Billion), 2009-2013
Table 65: Costa Rican Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 66: Costa Rican Reinsurance Ceded by Insurance Industry (CRC Billion), 2013-2018
Table 67: Costa Rican Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 68: Costa Rican Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 69: Costa Rican Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 70: Costa Rican Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 71: Costa Rican Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 72: Costa Rican Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 73: Costa Rican Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 74: Costa Rica - Life Insurance Regulatory Framework
Table 75: Costa Rica - Property Insurance Regulatory Framework
Table 76: Costa Rica - Motor Insurance Regulatory Framework
Table 77: Costa Rica - Regulatory Capital Factor for Life Insurance
Table 78: Costa Rica - Regulatory Capital Factors for Non-life Insurance
Table 79: Costa Rica - Corporate Tax Rates for the Fincial Year 2013
Table 80: Costa Rican Life Insurance - Segment Shares, 2012 and 2013
Table 81: Costa Rican Non-Life Insurance - Segment Shares, 2012 and 2013
Table 82: Costa Rican Persol Accident and Health Insurance - Segment Shares, 2012 and 2013
Table 83: Instituto ciol de Seguros (INS), Main Products
Table 84: Instituto ciol de Seguros (INS), Key Employees
Table 85: Pan American Life Insurance de Costa Rica, SA ? Main Products
Table 86: Pan American Life Insurance Group ? Key Employees
Table 87: Mapfre Seguros Costa Rica - Main Products
Table 88: Mapfre Seguros Costa Rica - Key Employees
Table 89: Seguros del Magisterio, Main Products
Table 90: Seguros del Magisterio, Key Employees
Table 91: Assa Compania de Seguros, SA, Main Products
Table 92: Assa Compania de Seguros, SA, Key Employees