The company already has the required permissions from the Costa Rican authorities and will compete in general and life-insurance policies.

Jorge Enrique Uribe, president of Bolívar Insurance, indicated that the new company will have completely independent assets from Colombia.

"Colombian companies and institutions continue seeing good business opportunities in Central America," comments Portafolio.com.co.

Source: Portafolio.co

More on this topic

Costa Rica: The State Still Buys Insurance from INS

August 2012

Despite the de-monopolization of the market four years ago, state institutions continue to obtain their insurance with the National Insurance Institute (INS).

An article in Nacion.com reports that "Although the Law Regulating the Insurance Market (LRMS) leaves open the possibility for public sector entities to buy private insurance policies, few enterprises have contracted their services."

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).

Bolivar Insurance Enters Costa Rica

May 2010

The insurer is owned by a Panamanian company called “Riesgo e Inversiones Bolivar S.A.”, a member of corporate group “Grupo Empresarial Bolivar”.

Called “Seguros Bolívar Aseguradora Mixta S.A.”, the company will offer individual and general insurance, and could become the eight insurer authorized to operate in the country.

Aseguradora Mundial Authorized in Costa Rica

July 2009

The Panamanian insurer, owned by regional conglomerate Grupo Mundial, would operate in Costa Rica in 4 months.

As the insurance market opens in Costa Rica, Sociedad Aseguradora Mundial S.A. is the first foreign capital company to be authorized by the Pensions Superintendence (Supen, spanish acronym) to compete with the state's "Instituto Nacional de Seguros" and "Sociedad de Seguros del Magisterio" the first Costa Rican competitor.