Costa Rica and Cross-Border Insurance

The Costa Rican Superintendent of Insurance issued a technical note to set limits on the marketing of insurance by foreign companies.

Wednesday, June 3, 2009


Following the adoption of DR-CAFTA, foreign insurers can market insurance for shipping, commercial aviation and goods in transit in Costa Rica, without being formally established in the country. It is enough to register with the Superintendent of Insurance (SUGESE) and obtain approval for each product marketed.

The article by Esteban Ramírez Castro in, reported that the head of insurance, Tomás Soley, explained: “We are talking about insurance that due to its specialization or features is not available through any insurers listed in the country. Therefore, the insurance broker is permitted to purchase the policy abroad. 'There were brokers who thought they could sell whatever they wanted,’ said Soley. However, in the technical note, it was clarified that such coverage is acceptable when the risk is very large, unusual or complex."

More on this topic

Costa Rica: State Insurance Company Wants to Internationalize

March 2013

The National Insurance Institute will resume this year its plan to expand its operations to the countries of the region, investing $300 million in the process.

The National Insurance Institute (INS by its initials in Spanish) intends to be the majority shareholder or acquire 100% of a company with regional presence, a project suspended in 2009 when the company faced opposition from institutions such as the Comptroller General of the Republic, the Pensions Superintendency and the Attorney General's Office.

Insurance Market in Costa Rica up to March 2014

May 2014

The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.

The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).

Latin America: The Golden Child for Insurers

May 2013

During the first half of 2012, the insurance sector in Latin America had a premium volume of $77,085 million, maintaining growth rates of two digits.

According to César Quevedo, deputy director of the Institute of Science at Seguro de Fundación Mapfre, the insurance industry is "key" to this global market.

"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.

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