Banco Popular to Sell Insurance in Costa Rica

Starting June 2009, the bank is authorized to sell insurance, and it will start will INS policies.

Friday, July 17, 2009

Presently, Banco Popular only commercializes Popular Seguros services in its central offices, but will expand to other locations in the short and mid term.

Even though they might sell policies from other operators in the future, "currently there is only Sociedad de Seguros del Magisterio and the recently opened Grupo Mundial, so at first we will only work with INS, the strongest in the national market", commented William Alcázar, Popular Seguros manager, in an article in Elfinancierocr.com.

More on this topic

"Fast" Insurance in Costa Rica

June 2012

After the fall of the state monopoly on the insurance market, there is still little competition in the insurance ‘auto-expendables’ segment.

Despite losing the monopoly legally, the state run National Insurance Institute (INS) continues to dominate market segments, including "fast" insurance policies known as ‘auto-expendables’ in Spanish.

More Insurance Brokers in Costa Rica

May 2012

The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months.

The number of insurance brokers in Costa Rica is now 14, a significant increase, up 75% from March 2011 to March 2012. While the number of intermediaries has increased, the number of insurance companies in decreased to nine during the same period, a reduction of 11.4%.

Costa Rica: Insurance Agents vs. Brokers

August 2010

The country's new insurance law restricts which products agents can sell but the restrictions do not apply to brokers.

Insurance agents, due to their contractual relationship with insurance companies, can only offer their products. However, they may do this with different insurers at the same time, provided that these companies' products belong to different categories.

Costa Rica: BCR Insurance Extends Brokerage Services

May 2010

The company signed insurance brokerage agreements with ASSA and Mundial, becoming the first broker who has signed deals with the country’s five authorized insurers.

“ASSA Compañía de Seguros S.A.”, was authorized to operate in Costa Rica on April 13, and Mundial received its authorization back on February 19.

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