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Costa Rica

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Stocktake
Gap analysis
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Tailoring support
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Summary

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Partner

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Details

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Publications

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Summary

The Global Shield In-Country Process (ICP) in Costa Rica is led by the Ministry of Finance, with staunch support from Superintendencia General de Seguros (SUGESE) – the local insurance superintendency and a national consultant. Following a kick-off workshop in July 2024, a second workshop was held in October, which served to confirm the outcomes of the Stocktake and Gap Analysis and to conduct a prioritisation of the most at-risk sectors through an inclusive process involving a wide group of relevant local stakeholders. The Stocktake and Gap Analysis report is available in English and in Spanish. The Request for Support has now been officially submitted to the Global Shield - a summary of which can be downloaded here.
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Country facts

Costa Rica is located in Central America and has a population of just over 5 million people. It is home to over 500,000 species making it a top-20 country in biodiversity worldwide.
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Climate risks

With 78% of its population concentrated in high-risk disaster areas, Costa Rica is increasingly vulnerable to ever-intensifying floods, tropical cyclones, storm surges and earthquakes.
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In-Country Process

The Stocktake/Gap Analysis report has been published and the Request for Support has been submitted to the Global Shield, with an official launch event held to mark the milestone.

Global & local partners

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Tomas Soley Perez

General Superintendent of Insurance, SUGESE (Insurance Superintendency)
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Celia Gonzalez

Director – Regulatory Unit, SUGESE (Insurance Superintendency)
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Patricia Vargas

Senior Consultant

“We are certain of the added value that the Global Shield initiative will have for Costa Rica, which will result in a more resilient economy by increasing protection against disaster and climate risks.”

“The support of the Global Shield is expected to have a positive impact on the achievement of goals set out in public policy instruments on risk management, climate change adaptation and the national strategy plan.”

Tomás Soley Perez

General Superintendent of Insurance, SUGESE (Insurance Superintendency)

Kick-off of In-Country Process

The Global Shield In-Country Process in Costa Rica is led by the Ministry of Finance and supported by the Insurance Superintendency – SUGESE – and a consultant. The ICP was officially launched in July 2024 when the first in-country workshop took place in San José. It served to canvas the CDRFI landscape in Costa Rica and to lay the foundation for the identification of key gaps in financial protection.

Workshops and consultations

Following on from the inaugural workshop a follow-up workshop was held to confirm existing solutions, as well as to validate and prioritise remaining gaps in the area of climate and disaster risk financing. This interactive workshop, as well as further bilateral consultations informed an exhaustive stocktake and gap analysis report, which was finalised. The priority gaps identified directly feed into the Request for Support.

 

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Current developments

Through the Stocktake and Gap Analysis – download full report in English or Spanish – priority gaps and barriers, such as a lack of a sustained strategy of required support from the National Emergency Fund, a lack of micro-level products to protect vulnerable households in the agricultural sector, and the need to strengthen technical capacity in both public and private institutions for risk modelling and risk management, to name a few were identified. The Request for Support has now been submitted and an official launch event was held to mark this milestone. Download the summarised version of the Request for Support here.

Updates from Costa Rica

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Press Release

Global Shield Roundtable Highlights Progress: Advancing Climate and Disaster Risk Financing at Scale

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Blog/Article

Support Package Now Underway: Costa Rica Lays the Foundation for a Climate-Resilient Future

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Press Release

Costa Rica Submits Request for Support to the Global Shield in Major Step Towards Bolstering Climate Resilience

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Partner’s Publications and Documents

Estrategia Nacional de Gestion Financiera del Riesgo de Desastres de Costa Rica, Ministerio de Hacienda

Gender Analysis of CDRFI in Costa Rica, Centre of Excellence on Gender-smart Solutions