Insurance in Costa Rica will be similar to those in Uruguay
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.
Wednesday, August 20, 2008
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.
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.
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%.
The opening of the insurance market in Costa Rica is in full process, and this sounds like music to the ears of the three main Panamanian insurance firms.
In February, the period for banks to get authorization from the Insurance Superintendence to continue selling insurance policies will end.
- Daily Update
- Government Purchases
- Classified Ads
- Indexes & Statistics
- Press Releases
- Events Calendar