Costa Rica: Insurance market requires more than just simply opening

Innovation and high quality standards should be the main allies of those participating in this market if they want to remain in competition.

Monday, September 8, 2008

The insurance market is moving towards opening. The challenge is to transform the structure and processes in order to achieve greater coverage and to obtain good investment options for Costa Ricans. This change requires important challenges and one of them is achieving alternatives that are truly innovative and that will provide added value to the investments of clients, and not merely the opening of the market to new competitors.



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More on this topic

Results of Insurance De Privatization in Costa Rica

July 2012

Four years after the de-monopolization of the market, the National Institute of Insurance holds 91.5% of insurance premiums and 12 private insurance companies have won the remaining 8.5%.

An analysis of the topic made by Juan Pablo Arias in his article in Nacion.com, shows that the main benefit of the new competitive environment is growth of the sector in terms of policies issued, which increased by 24% from the date of de-monopolization, with growth attributed to the lowered rates.

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.

Expectations Among Insurance Customers Due to Opening

March 2009

Major companies in Costa Rica reported being willing to switch insurers when new competitors arrive.

Wal-Mart Costa Rica, Florida Ice & Farm and Pipasa Corporation, among others, admitted their interest to El Financiero in studying the products that other insurers might provide when they arrive to the country.

Insurance in Costa Rica will be similar to those in Uruguay

August 2008

Similar backgrounds in both countries regarding the state monopolization of the insurance industry suggest that the development of an open market in Costa Rica will be similar to that of Uruguay.

Lower prices and more services are strong on the list of possible changes that will come with the opening of the insurance market in Costa Rica; at least that is what the experience in Uruguay suggests.

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