SUGESE Releases Market Data for 2011

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Last week, the insurance superintendent, SUGESE, released the data for the 2011 fiscal year regarding participation in the insurance market. The data shows a slight growth in the number of participants in the market, as well as the number and types of insurance policies available to consumers and businesses.

The basic statistics are as follows: SUGESE Data October 2011

source: Insurance Superintendent SUGESE

Trends and Tidbits

The following are the active providers in Costa Rica:

Mixed Policies - INS (state-owned), MAPFRE (private, foreign capital) ASSA Compañía de Seguros, S.A. (private, foreign capital), Seguros Bolívar Aseguradora Mixta S.A.  (private, foreign capital)

Personal Policies - Seguros del Magisterio, S.A. (privado, Costa Rican capital), Alico Costa Rica, S.A. (private, foreign capital), Pan American Life Insurance de Costa Rica, S.A. (private, foreign capital), Aseguradora del Istmo ADISA, S.A. (private, foreign capital), Best Meridian Insurance Company (branch of Florida company)

General Insurers - Quálitas Compañía de Seguros (Costa Rica), S.A. (private, foreign capital)

• Newly registered and active companies are Bolívar, Quálitas y BMI
• ASICO was authorized to begin registration process, but has not been approved to begin operations
• 3 additional insurers have begun the process of registration.

Transnational Providers - Factory Mutual Insurance Company registered as a transnational provider, which is authorized under the CAFTA agreement.  This allows a provider to sell a master policy in another jurisdiction, which may cover operations for multinational company which has manufacturing operations or provides services in Costa Rica.

Types of Policies - In 2011 the most growth was in the types of policies being issued by insurers, with 72 additional policies being authorized. The most growth in personal policies were those covering accidents and health, life insurance and fire insurance. Although INS continued with an aggressive strategy, registering 21 new policies, other companies gained market share: in December of 2010 the INS had 75% of the policies, while in October of 2011 that share had fallen to 63%.

Market Structure and Data - The INS still controls 94% of the market when measured by financial data. In December of 2010 INS had 98.8% of the market, followed by ASSA with 0.6% and Magisterio at 0.4%.    In August of this year, INS had control of 94.4% of the market, followed by ASSA at 1.9%, ALICO at 1.4%, MAPFRE at 1% and PanAmerican at 0.8%.