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August 4, 2022updated 11 Aug 2022 12:48pm

The five leading general insurance companies in Costa Rica in 2021

By Carmen

The Costa Rica general insurance market witnessed an increase at a compound annual growth rate (CAGR) of 1.9% from $0.9bn in 2016 to $0.9bn in 2021.

As per the data, the leading companies occupied 95.7% of Costa Rica’s total general insurance market.

1. Instituto Nacional De Seguros

Instituto Nacional De Seguros ranked number one in the country, reporting a decline of 3% compared with the previous year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

2. ASSA Compania De Seguros(Costa Rica)

Ranking number two in Costa Rica’s general insurance market was ASSA Compania De Seguros(Costa Rica). The company registered a 31.6% growth compared with the premium in 2020. Among the leading general insurance companies, its position remained unchanged when compared with its previous years ranking.

3. Mapfre Seguros Costa Rica

Mapfre Seguros Costa Rica ranked number three in Costa Rica’s general insurance market. Compared with previous year’s premium, the company registered a growth 65.1%. Its ranking among the leading general insurance companies in the previous year was five, which now improved to number three.

4. Qualitas Compania de Seguros (Costa Rica)

Qualitas Compania de Seguros (Costa Rica), which ranked number four in Costa Rica’s general insurance market, registered a 18.9% growth compared with last year’s premium. From number three position in the previous year, the company’s ranking among the leading general insurance slipped to number four.

5. Oceanica De Seguros

Oceanica De Seguros ranked number five in Costa Rica’s general insurance market. The company registered a growth of 25.7% compared with last year’s premium. From number four position in the previous year, the company’s ranking among the leading general insurance slipped to number five.

Methodology

This analysis is drawn from GlobalData’s Company LoB Breakdowns Database, which tracks key insurance metrics across segments, categories, and line of businesses for more than 150 markets, globally. The data is sourced from regulatory authority/industry association/company SFCR. This data is mapped to segments and categories as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.

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