Insurance Competition in Costa Rica a Reality

Beginning in June, Seguros del Magisterio SA (Teacher’s Insurance) will be the first competitor for the INS, offering eight personal insurance policies.

Friday, May 8, 2009


The new insurer, owned by the Teacher’s Life Insurance Society reported that transactions will begin no later than the second half of July, thus becoming the first competitor for the National Insurance Institute.

In an article in, journalist Mercedes Agüero wrote: "Among the new products it will offer are a variety of individual and group life insurance policies for all types of accidents, as well as funeral expenses."

The insurance market in Costa Rica was opened to competition with the approval of the Insurance Act, in force since August 7, 2008.

More on this topic

Private Insurers Sell More Personal Policies

June 2012

Two new companies sold 17% of this sector of the Costa Rican market.

Panamerican Life and Seguros de Alico are the main rivals of the National Insurance Institute (INS), with a share of 14% of the personal insurance policies sold in the Costa Rican market, while other private companies control 4%.

Seguros del Magisterio Authorized to Sell Insurance

June 2009

The Costa Rican regulating entity granted the insurance company approval to market their insurance policies today.

The general manager of the Magisterio life insurance company, Georgina Díaz, reported that the company is in the phase of the process in which they can notify the public and conduct marketing for their services.

Competency in Insurance Already Exists in Costa Rica

February 2009

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.

The business is owned by Sociedad de Seguros de Vida del Magisterio, which already offered life insurance to the members of the teaching community and their relatives – a sector which included 22.000 individual clients and more than 40,000 in group insurance - in which they were the only exception to the monopoly of the National Institute of Insurance. Now, it will be authorized to offer its products to all of the domestic market, without restrictions.

INS Not Able to Develop Alliance with Foreign Insurance Companies

February 2009

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.

Mercedes Agüero, in her article in, 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."

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