INS Not Able to Develop Alliance with Foreign Insurance Companies
The National Institute of Insurance of Costa Rica was not successful in formalizing an alliance with the businesses Alico and Pan-American Life to initiate a line of personal insurance.
Monday, February 16, 2009
Mercedes Agüero, in her article in Nacion.com, writes: "As a coalition of these companies, INS attempted to start a line of personal insurance, especially for life and medical expenses—an untapped niche market due to the 84-year state monopoly."
Two new companies sold 17% of this sector of the Costa Rican market.
Magisterio S.A. insurance is the first business authorized by SUPEN to operate in the market of national insurance that was up to now a monopoly of the state, INS.
Beginning in June, Seguros del Magisterio SA (Teacher’s Insurance) will be the first competitor for the INS, offering eight personal insurance policies.
The Costa Rican regulating entity granted the insurance company approval to market their insurance policies today.
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