Asico Authorized to Operate in Costa Rica

The Superintendence of Insurance (SUG) announced the approval of the branch of the insurance company.

Wednesday, December 15, 2010


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Atlantic Southern Insurance Company (ASIC) joins ten insurance companies which are already authorized by SUG.

"According to a statement from SUG, ASIC has a conditional approval and, therefore, has four months to comply with various requirements of the Law which regulates the insurance market (8653)", reported Elfinancierocr.com.

More on this topic

ASI Insurer Would Enter Costa Rica

September 2009

Puerto Rican Atlantic Southern Insurance Company (ASI), started the procedures to operate in the country.

The company plans to market life, accident and health insurance for working class clients.

Alexis González, company president, told website Elfinancierocr.com that "health insurance will be their flagship product, once they get authorization by the Insurance Superintendence.

State Insurance Domination Starts to Crumble

July 2011

Three years after removal of the monopoly in Costa Rica, sales by private insurers are growing, although the state insurer, INS, still maintains more than 90% of market share.

Although the National Insurance Institute (INS) still retains most of the market, private insurers have gradually increased their presence.

Private Insurance Companies have 10% Market Share

December 2012

In Costa Rica, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.

The undisputed leader remains the Instituto Nacional de Seguros (INS), with a 90.2% market share and among the private companies the strongest are Mapfre and Assa with a 9.6% share between them.

Costa Rican Insurance Market Starts To Move

March 2010

The insurance companies authorized to operate in the country have made combined guarantee deposits for $33 million.

These deposit vary from insurer to insurer, depending on the range of products they intend to offer.

Nacion.com reported that companies offering individual and general insurance will have to deposit $8.8 million.

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