According to figures from the General Superintendence of Insurance (SUG), premiums in the insurance market grew 76,600 million colones this year, 16% more than a year ago.
According to the growth trend of the second half of 2016, the year may end with a total of 640,000 million in premiums.
During the same period, insured people received 294,904 million in loss payments.
In addition, during this year also ended the pilot phase of the risk-based supervision model, which will be fully implemented in 2017.
Furthermore, the regulations on safe supervision and risk management are in consultation and they could be approved in February.
A study conducted by Mapfre Foundation on the Costa Rican insurance market estimated that it has the potential to grow even more.
The Foundation estimated that at the end of 2015 the actual market in the country reached 564,000 million but it could have reached 2.3 billion colones.