Expectations Among Insurance Customers Due to Opening

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

Monday, March 9, 2009

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.

The article stated that: "It's not that the INS [National Insurance Institute of Costa Rica] treated them badly. On the contrary, many companies suggest that the development of the institution has been positive in terms of price and service. But the arrival of new players with good reliability and attractive prices makes them keep their eyes open. "

More on this topic

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.

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.

Bancrédito Costa Rica Can Sell INS Insurance

March 2009

Arnoldo Trejos, assistant manager at Bancrédito, announced that the Superintendent of Pensions (SUPEN) authorized the bank to sell INS (National Insurance Institute) policies.

The assistant manager informed Nacion.com: "We are presenting the Supen resolution to the board of directors as part of the last legal procedures for the subsequent registration of the society with the National Registry.

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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