Another Insurer in Costa Rica

Oceánica de Seguros, founded on Venezuelan capital, is the tenth insurance company to be incorporated into the Costa Rican market after its de-monopolization in 2008.

Thursday, July 5, 2012

The superintendent of insurance, Javier Cascante, said the company, which is the eleventh to join the insurance market after its opening, will have a joint operating license, for personal and general policies.

Nacion.com quoted the superintendent who said, "... another insurer also of South American capital is in the process of enrollment.

The market continues to grow. Within two years, not taking into account the effect of inflation, growth of direct premiums reached 14%, quite high. Strong figures for a market that we consider small. "



More on this topic

Results of Insurance De Privatization in Costa Rica

July 2012

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%.

An analysis of the topic made by Juan Pablo Arias in his article in Nacion.com, shows that the main benefit of the new competitive environment is growth of the sector in terms of policies issued, which increased by 24% from the date of de-monopolization, with growth attributed to the lowered rates.

Private Insurance in Costa Rica Not Taking Off

November 2011

Three years since the privatisation of the insurance sector, the state agency (INS) remains the main entity in the market.

The market dominance of the National Insurance Institute (INS), with 94% of total premium income, is, in the opinion of the Association of Private Insurance (AAP), a result of the supervision exercised by the Superintendency of Insurance (Sugese).

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.

Pan American Life To Operate in Costa Rica

October 2009

Insurer Pan American Life Insurance Group (Palig), submitted a request to operate in the country.

Its President, José Suquet, announced the company's interest in commercializing individual and collective life insurance, as well as accident and health insurance, while staying out of vehicle and disaster insurance.

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