Aseguradora Mundial Authorized in Costa Rica

The Panamanian insurer, owned by regional conglomerate Grupo Mundial, would operate in Costa Rica in 4 months.

Monday, July 13, 2009


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As the insurance market opens in Costa Rica, Sociedad Aseguradora Mundial S.A. is the first foreign capital company to be authorized by the Pensions Superintendence (Supen, spanish acronym) to compete with the state's "Instituto Nacional de Seguros" and "Sociedad de Seguros del Magisterio" the first Costa Rican competitor.

According to Prensalibre.co.cr, Pensions Superintendent Javier Cascante said: "The authorization granted to Aseguradora Mundial S.A. does not imply its immediate operation, nor its ability to offer products to the public, as this will only be possible once it complies with all the legal requirements, such as presenting an operations plan, depositing a minimum capital in the Costa Rica Central Bank, and complying with minimal infrastructure and technological security conditions."

More on this topic

Progress in Opening Insurance Monopoly in Costa Rica

April 2009

Three foreign insurance companies are requesting permission to enter the market.

Because the law governing the insurance market, it is not possible to know their names or their origin, reported Javier Cascante, superintendent of pensions.

In an interview with journalist Mercedes Agüero of Nacion.com, the superintendent said: "Two companies are in the initial stage of the registration process.

Change comes to Costa Rica's national insurance company

July 2008

Costa Rica's passage of the Law to Regulate the Insurance Market has brought the National Insurance Company to a new stage, under which it gives up monopoly status at home but is allowed to enter foreign markets.

As a first stage of the internationalization of operations, the company is proposing to expand into Nicaragua over the next six months, and in 2009 it plans to enter the Panamanian marketplace.

Costa Rica's New Insurance Market

September 2009

Local company "Seguros del Magisterio", and two panamanian corporations, "Mundial" and "Assa", are the first new players in the market.

Costa Rica's insurance market is the largest in Central America. This can be analyzed by comparing the assets of the state-owned National Insurance Institute of Costa Rica, with the other insurance companies of the region.

Opening of insurance market in Costa shrouded by crisis

September 2008

In the next 18 months the current Pension Superintendent, Javier Cascante, will be responsible for the opening of the market. He already has two laws and two set of regulations in his favor.

Steps are being taken with great fanfare, but the international situation is calling for cautious steps. "Insurance legislation (in the US) have shown us not what to do," he said.

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