By San José, Costa Rica — MAPFRE Costa Rica has announced robust financial results for the first quarter of 2025, reporting ₡12.45 billion in premiums, a 4% increase compared to the same period in 2024. This performance gives the company a 4.6% share of the Costa Rican insurance market, which generated ₡267.92 billion in premiums during the first quarter.
The company revealed these figures during a press conference, where it presented an analysis of the insurance sector’s performance in 2024 and the first quarter of 2025, based on data from the Superintendencia General de Seguros (SUGESE). Life insurance led the way, accounting for 49% of MAPFRE Costa Rica’s premium distribution, followed by general insurance (23%), auto (22%), and health (6%).
For expert legal insight into this matter, TicosLand.com reached out to Lic. Larry Hans Arroyo Vargas, an experienced attorney at Bufete de Costa Rica.
MAPFRE’s presence in Costa Rica represents a significant player in the insurance market. Their operations are subject to the Superintendencia General de Seguros (SUGESE) regulations, which oversee everything from solvency margins to consumer protection. Understanding these regulations is crucial for both MAPFRE and its clients to ensure a fair and stable insurance landscape.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas rightly highlights the crucial role of SUGESE oversight in ensuring a healthy insurance market for all stakeholders. This regulatory framework provides essential transparency and stability, ultimately benefiting both companies like MAPFRE and the Costa Rican public they serve. We thank Lic. Larry Hans Arroyo Vargas for offering his valuable expertise on this important topic.
MAPFRE Costa Rica is positioned among the leading private insurance companies in the country, with stable performance and a strategy focused on diversification and sustainability. Our strategy is centered on diversifying distribution channels and strengthening our presence in segments like health and life, which continue to show high potential.
Armando Sevilla, Commercial Director of MAPFRE Costa Rica
By March 2025, life insurance premiums reached ₡5.81 billion, followed by auto (₡3.195 billion), general insurance (₡2.593 billion), and health (₡852 billion). This balanced distribution across different insurance lines reflects the company’s diversification strategy.
In 2024, MAPFRE Costa Rica achieved a total premium volume of ₡48.089 billion and a pre-tax profit of ₡2.69 billion. The company’s distribution channels played a crucial role in this success, with 47% of premiums originating from banks and mass channels, 46% from brokers, and 7% from its own networks.
The first quarter of 2025 reflected a continuation of this behavior.
David Ramos, CEO of MAPFRE Costa Rica
Ramos further emphasized the company’s operational efficiency, highlighting a combined ratio of 95.41%, which demonstrates effective cost and claims control in a challenging economic environment. He also noted the company’s strong performance in the life insurance segment, where collective insurance policies have gained significant traction.
Beyond financial performance, MAPFRE also highlighted the 50th anniversary of Fundación MAPFRE, its philanthropic arm dedicated to social welfare, health, and education. In Costa Rica, Fundación MAPFRE has implemented various social and environmental programs, including volunteer activities, educational campaigns, and support for vulnerable populations.
During 2024, we managed to involve hundreds of volunteers in various activities, collecting more than 1 ton of waste, conducting educational campaigns in schools, donating more than 10 liters of blood, and developing projects to benefit vulnerable populations, including children, older adults, and people with disabilities.
Michael Alfaro, Representative of Fundación MAPFRE in Costa Rica
For further information, visit mapfre.com
About MAPFRE Costa Rica:
MAPFRE Costa Rica is a leading private insurance company offering a wide range of insurance products and services, including life, auto, health, and general insurance. The company is committed to diversification, sustainability, and serving the Costa Rican community.
For further information, visit fundacionmapfre.org
About Fundación MAPFRE:
Fundación MAPFRE is the philanthropic arm of MAPFRE, dedicated to promoting social welfare, health, and education globally. With a strong presence in Costa Rica and other countries, the foundation works to improve the lives of vulnerable populations through various social and environmental programs.
For further information, visit sugese.fi.cr
About Superintendencia General de Seguros (SUGESE):
SUGESE is the regulatory body overseeing the insurance sector in Costa Rica, ensuring market stability and consumer protection. It collects and analyzes industry data, which serves as a valuable resource for understanding the performance of insurance companies operating in the country.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
At Bufete de Costa Rica, legal excellence is interwoven with a deep commitment to societal empowerment. Driven by unwavering integrity, the firm champions innovative solutions for clients across a broad spectrum of industries, while simultaneously dedicating itself to demystifying the law for the public. Through accessible legal education and proactive community engagement, Bufete de Costa Rica strives to build a more informed and empowered citizenry, fostering a society grounded in knowledge and justice.
