The Insurance Industry in Costa Rica Key Trends and Opportunities to 2020

Published: Aug, 2016 | Pages: 131 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'The Insurance Industry in Costa Rica Key Trends and Opportunities to 2020' report provides a detailed analysis of Costa Rican insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011-2015) and forecast periods (2015-2020).

The report also gives a comprehensive overview of Costa Rican economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural hazards on the insurance industry.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Summary

Timetric's 'The Insurance Industry in Costa Rica, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into Costa Rica insurance industry, including:

• An overview of Costa Rican insurance industry

• The Costa Rican insurance industry's growth prospects by segment and category

• A comprehensive overview of Costa Rican economy and demographics

• The detailed competitive landscape in the Costa Rican insurance industry

• Detailed regulatory policies of the Costa Rican insurance industry

• Overview of distribution channels in the Costa Rican insurance industry

• An analysis of natural hazards in the Costa Rican insurance industry
Scope

This report provides a comprehensive analysis of the insurance industry in Costa Rica:

• It provides historical values for Costa Rican insurance industry for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

• It offers a detailed analysis of the key segments in Costa Rican insurance industry, with market forecasts to 2020.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, 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.

• It covers the economy and demographics structure of Costa Rica.

• It analyzes the distribution channels in the Costa Rican insurance industry.

• It analyzes the impact of natural hazards in Costa Rican insurance industry.
Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to Costa Rican insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in Costa Rican insurance industry.

• Assess the competitive dynamics in Costa Rican insurance industry.

• Identify the growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing Costa Rican insurance industry and their impact on companies and the industry's future.
Key Highlights

• The Costa Rican insurance industry underwent transformation during the review period following its liberalization in 2008.

• Healthcare costs are typically 40-70% lower than in the US and Canada. Low costs and better services from skilled medical practitioners are adding value to the Costa Rican medical tourism sector.

• INS was the largest insurer in the Costa Rican insurance industry, and accounted for 80.8% of the industry's gross written premium in 2015.

• Costa Rica is prone to natural disasters such as floods, earthquake, storms and landslides. Earthquakes of low magnitude occur frequently in Costa Rica, which increased demand for earthquake-proof engineering and supported the growth of property insurance during the review period.

 Table of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Regional Comparison
4.2 Industry Indicators
4.2.1 Gross written premium
4.2.2 Claims
4.2.3 Assets and investments
5 LIFE INSURANCE
6 NON-LIFE INSURANCE
6.1 Property Insurance
6.1.1 Gross written premium
6.1.2 Penetration
6.1.3 Claims
6.1.4 Profitability
6.2 Motor Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.2.3 Claims
6.2.4 Profitability
6.3 Liability Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.3.3 Claims
6.3.4 Profitability
6.4 Marine, Aviation and Transit Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.4.3 Claims
6.4.4 Profitability
7 PERSONAL ACCIDENT AND HEALTH INSURANCE
8 REINSURANCE OUTLOOK
8.1 Premium Ceded
9 DISTRIBUTION CHANNEL OUTLOOK
10 NATURAL HAZARDS
10.1 Flooding
10.2 Earthquakes
10.3 Storms and Landslides
10.4 Exposure
11 COMPETITIVE LANDSCAPE
11.1 Company Profiles
11.1.1 Instituto National de Seguros - company overview
11.1.2 Assa Compania de Seguros - company overview
11.1.3 Pan-American Life Insurance de Costa Rica, SA - company overview
11.1.4 Mapfre Seguros Costa Rica SA - company overview
11.1.5 Aseguradora del Istmo - company overview
12 GOVERNANCE, RISK AND COMPLIANCE
12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulation
12.3 Legislation and Market Practice by Type of Insurance
12.3.1 Life Insurance
12.3.2 Property Insurance
12.3.3 Motor Insurance
12.3.4 Liability insurance
12.3.5 Marine, aviation and transit insurance
12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
12.4.1 Motor third-party liability insurance
12.4.2 Social security system
12.4.3 Aviation third-party liability
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors
12.5.2 Association of Insurance Supervisors Latin America
12.5.3 General Insurance Superintendence
12.6 Non-Admitted Insurance Regulations
12.6.1 Overview
12.6.2 Intermediaries
12.6.3 Market practices
12.6.4 Fines and Penalties
12.7 Company Registration and Operation
12.7.1 Type of insurance organization
12.7.2 Establishing a local company
12.7.3 Foreign ownership
12.7.4 Types of license
12.7.5 Capital requirements
12.7.6 Solvency margin
12.7.7 Reserve requirements
12.7.8 Investment regulations
12.7.9 Statutory return requirements
12.7.10 Fee structure
12.8 Taxation
12.8.1 Insurance premium or policy taxations
12.8.2 Withholding taxes on premium paid overseas.
12.8.3 Corporate tax
12.8.4 VAT
12.8.5 Captives
12.9 Legal System
12.9.1 Introduction
12.9.2 Access to court
12.9.3 Alternative dispute resolution (ADR)
13 DATABOOK
13.1 Life Insurance
13.1.1 Policies and premium
13.1.2 Claims and expenses
13.1.3 Assets and investments
13.2 Non-Life Insurance
13.2.1 Policies and premium
13.2.2 Claims and expenses
13.2.3 Assets and investments
13.2.4 Property insurance
13.2.5 Property insurance by product
13.2.6 Motor insurance
13.2.7 Motor insurance by product
13.2.8 Liability insurance
13.2.9 Marine, aviation and transit insurance
13.3 Personal Accident and Health Insurance
13.3.1 Policies and premium
13.3.2 Claims and expenses
13.3.3 Assets and investments
14 DEFINITIONS AND METHODOLOGY
14.1 Definitions
14.2 Methodology
15 ABOUT TIMETRIC
15.1 Contact Timetric
15.2 About Timetric
15.3 Timetric's Services
15.4 Disclaimer

List of Tables
Table 1: Costa Rican Insurance Industry - Key Facts, 2015
Table 2: Costa Rican Insurance Industry - Segment Shares of the Top Insurers, 2015
Table 3: Costa Rican Government Credit Ratings
Table 4: Costa Rican Insurance Industry - Gross Written Premium by Segment (CRC Billion), 2011-2015
Table 5: Costa Rican Insurance Industry - Gross Written Premium by Segment (CRC Billion), 2015-2020
Table 6: Costa Rican Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (CRC), 2011-2015
Table 7: Costa Rican Insurance Industry - Density (Direct Written Premium Per Capita) by Segment (CRC), 2015-2020
Table 8: Costa Rican Insurance Industry - Paid Claims by Segment (CRC Billion), 2011-2015
Table 9: Costa Rican Insurance Industry - Paid Claims by Segment (CRC Billion), 2015-2020
Table 10: Costa Rican Insurance Industry - Total Assets by Segment (CRC Billion), 2011-2015
Table 11: Costa Rican Insurance Industry - Total Assets by Segment (CRC Billion), 2015-2020
Table 12: Costa Rican Insurance Industry - Total Investment Income by Segment (CRC Billion), 2011-2015
Table 13: Costa Rican Insurance Industry - Total Investment Income by Segment (CRC Billion), 2015-2020
Table 14: Costa Rican Insurance Industry - Life Insurance Investment Portfolio (CRC Billion), 2011-2015
Table 15: Costa Rican Insurance Industry - Life Insurance Investment Portfolio (CRC Billion), 2015-2020
Table 16: Costa Rican Insurance Industry - Non-Life Insurance Investment Portfolio (CRC Billion), 2011-2015
Table 17: Costa Rican Insurance Industry - Non-Life Insurance Investment Portfolio (CRC Billion), 2015-2020
Table 18: Costa Rican Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (CRC Billion), 2011-2015
Table 19: Costa Rican Insurance Industry - Personal Accident and Health Insurance Investment Portfolio (CRC Billion), 2015-2020
Table 20: Costa Rican Life Insurance - Gross Written Premium (CRC Billion and US$ Million), 2011-2015
Table 21: Costa Rican Life Insurance - Gross Written Premium (CRC Billion and US$ Million), 2015-2020
Table 22: Costa Rican Non-life Insurance - Gross Written Premium (CRC Billion and US$ Million), 2011-2015
Table 23: Costa Rican Non-life Insurance - Gross Written Premium (CRC Billion and US$ Million), 2015-2020
Table 24: Costa Rican Property Insurance - Gross Written Premium (CRC Billion and US$ Million), 2011-2015
Table 25: Costa Rican Property Insurance - Gross Written Premium (CRC Billion and US$ Million), 2015-2020
Table 26: Costa Rican Property Insurance - Paid Claims (CRC Billion and US$ Million), 2011-2015
Table 27: Costa Rican Property Insurance - Paid Claims (CRC Billion and US$ Million), 2015-2020
Table 28: Costa Rican Property Insurance - Loss Ratio (%), 2011-2015
Table 29: Costa Rican Property Insurance - Loss Ratio (%), 2015-2020
Table 30: Costa Rican Motor Insurance - Gross Written Premium (CRC Billion and US$ Million), 2011-2015
Table 31: Costa Rican Motor Insurance - Gross Written Premium (CRC Billion and US$ Million), 2015-2020
Table 32: Costa Rican Motor Insurance - Paid Claims (CRC Billion and US$ Million), 2011-2015
Table 33: Costa Rican Motor Insurance - Paid Claims (CRC Billion and US$ Million), 2015-2020
Table 34: Costa Rican Motor Insurance - Loss Ratio (%), 2011-2015
Table 35: Costa Rican Motor Insurance - Loss Ratio (%), 2015-2020
Table 36: Costa Rican Liability Insurance - Gross Written Premium (CRC Billion and US$ Million), 2011-2015
Table 37: Costa Rican Liability Insurance - Gross Written Premium (CRC Billion and US$ Million), 2015-2020
Table 38: Costa Rican Liability Insurance - Paid Claims (CRC Billion and US$ Million), 2011-2015
Table 39: Costa Rican Liability Insurance - Paid Claims (CRC Billion and US$ Million), 2015-2020
Table 40: Costa Rican Liability Insurance - Loss Ratio (%), 2011-2015
Table 41: Costa Rican Liability Insurance - Loss Ratio (%), 2015-2020
Table 42: Costa Rican Marine, Aviation and Transit Insurance - Gross Written Premium (CRC Billion and US$ Million), 2011-2015
Table 43: Costa Rican Marine, Aviation and Transit Insurance - Gross Written Premium (CRC Billion and US$ Million), 2015-2020
Table 44: Costa Rican Marine, Aviation and Transit Insurance - Paid Claims (CRC Billion and US$ Million), 2011-2015
Table 45: Costa Rican Marine, Aviation and Transit Insurance - Paid Claims (CRC Billion and US$ Million), 2015-2020
Table 46: Costa Rican Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
Table 47: Costa Rican Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 48: Costa Rican Personal Accident and Health Insurance - Gross Written Premium  (CRC Billion and US$ Million), 2011-2015
Table 49: Costa Rican Personal Accident and Health Insurance - Gross Written Premium (CRC Billion and US$ Million), 2015-2020
Table 50: Costa Rican Reinsurance - Premium Ceded by Insurance Segment (CRC Billion), 2011-2015
Table 51: Costa Rican Reinsurance - Premium Ceded by Insurance Segment (CRC Billion), 2015-2020
Table 52: The Costa Rican Company Insurance Agencies
Table 53: The Costa Rican Insurance Brokers
Table 54: Costa Rica - Average Annual Loss by Hazard
Table 55: Costa Rica - Industry Shares the of Leading Insurers (%), 2015
Table 56: Costa Rica - Shares of the Leading Life Insurers (%), 2015
Table 57: Costa Rica - Shares of the Leading Non-life Insurers (%), 2015
Table 58: Costa Rica - Shares of the Leading Personal Accident and Health Insurers (%), 2015
Table 59: Instituto National de Seguros - Key Facts
Table 60: Assa Compania de Seguros - Key Facts
Table 61: Pan-American Life Insurance de Costa Rica, SA - Key Facts
Table 62: Mapfre Seguros Costa Rica SA - Key Facts
Table 63: Aseguradora del Istmo - Key Facts
Table 64: Costa Rica - Insurance Regulatory Framework Key Features
Table 65: Costa Rica - Life Insurance Regulatory Framework
Table 66: Costa Rica - Property Insurance Regulatory Framework
Table 67: Costa Rica - Motor Insurance Regulatory Framework
Table 68: Costa Rica - Liability Insurance Regulatory Framework
Table 69: Costa Rica - Regulatory Capital Factor for Life Insurance
Table 70: Costa Rica - Regulatory Capital Factors for Non-life Insurance
Table 71: Costa Rica - Corporate Tax Rates for the Financial Year 2016
Table 72: Costa Rican Life Insurance - Policies and Premium, 2011-2015
Table 73: Costa Rican Life Insurance - Policies and Premium, 2015-2020
Table 74: Costa Rican Life Insurance - Claims and Expenses, 2011-2015
Table 75: Costa Rican Life Insurance - Claims and Expenses, 2015-2020
Table 76: Costa Rican Life Insurance - Assets and Investments, 2011-2015
Table 77: Costa Rican Life Insurance - Assets and Investments, 2015-2020
Table 78: Costa Rican Non-Life Insurance - Policies and Premium, 2011-2015
Table 79: Costa Rican Non-Life Insurance - Policies and Premium, 2015-2020
Table 80: Costa Rican Non-Life Insurance - Claims and Expenses, 2011-2015
Table 81: Costa Rican Non-Life Insurance - Claims and Expenses, 2015-2020
Table 82: Costa Rican Non-Life Insurance - Assets and Investments, 2011-2015
Table 83: Costa Rican Non-Life Insurance - Assets and Investments, 2015-2020
Table 84: Costa Rican Non-Life Insurance - Property Insurance, 2011-2015
Table 85: Costa Rican Non-Life Insurance - Property Insurance, 2015-2020
Table 86: Costa Rican Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 87: Costa Rican Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 88: Costa Rican Non-Life Insurance - Motor Insurance, 2011-2015
Table 89: Costa Rican Non-Life Insurance - Motor Insurance, 2015-2020
Table 90: Costa Rican Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 91: Costa Rican Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 92: Costa Rican Non-Life Insurance - Liability Insurance, 2011-2015
Table 93: Costa Rican Non-Life Insurance - Liability Insurance, 2015-2020
Table 94: Costa Rican Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 95: Costa Rican Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 96: Costa Rican Personal Accident and Health Insurance - Policies and Premium, 2011-2015
Table 97: Costa Rican Personal Accident and Health Insurance - Policies and Premium, 2015-2020
Table 98: Costa Rican Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 99: Costa Rican Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 100: Costa Rican Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 101: Costa Rican Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 102: Insurance Industry Definitions