Over the past few years, the Non-life insurances market in Costa Rica has seen significant growth and development. Customer preferences in the market are shifting towards more comprehensive coverage options that provide a wide range of protection. Customers are increasingly looking for policies that not only cover traditional risks like property damage and liability, but also offer additional benefits such as cyber insurance and natural disaster coverage. Trends in the market indicate a growing demand for innovative insurance products tailored to specific needs. Insurers in Costa Rica are introducing new products that cater to emerging risks in the market, such as climate change-related damages and technological advancements. Additionally, there is a noticeable trend towards digitalization, with more customers opting to purchase insurance online and access policy information through digital platforms. Local special circumstances in Costa Rica, such as the country's vulnerability to natural disasters like hurricanes and earthquakes, play a significant role in shaping the Non-life insurance market. Insurers are adapting their offerings to provide specialized coverage for these specific risks, which are becoming more prevalent due to changing environmental conditions. Underlying macroeconomic factors, including the country's stable economic growth and increasing disposable income levels, are driving the expansion of the Non-life insurance market in Costa Rica. As the economy continues to grow, more individuals and businesses are recognizing the importance of having adequate insurance coverage to protect their assets and mitigate financial risks.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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