Costa Rica: Competition for Obligatory Insurance

Starting January 2011 the market opens for obligatory car insurance and work injuries.

Friday, October 8, 2010

The rules which will regulate the market are being analyzed and will be approved next November, said Superintendent of Insurance, Javier Cascante.

Cascante told Nacion.com, "... it is expected that transition to open competition allows for companies to provide additional coverage. Since it is obligatory insurance the products have standard features, but
it may drive a company to offer additional coverage in order to attract clients."

More on this topic

Demonopolization of Mandatory Auto Insurance

January 2015

The Superintendency of Insurance in Costa Rica is planning to start the process of opening up the market for compulsory automobile insurance in the first quarter.

In order to liberalize the market for compulsory automobile insurance, there first needs to be a review and approval of a decree which will focus on the regulation of the sale of insurance from the National Insurance Institute (INS) to private companies.

Incomplete Opening of the Insurance Market

November 2012

In Costa Rica compulsory motor insurance remains the monopoly of the state run insurance company, the INS.

A constitutional action filed against the opening up of the market for the Workplace Insurance, arguing that "this social insurance is designed to provide universal coverage at no cost to all people working in the country, against any accident or illness resulting from their activity ", has also detained the liberalization of the market for compulsory insurance for motor vehicles.

Costa Rica: 3 Car Insurers Offer Policies

November 2010

As of December 1st Assa, Mapfre and the INS will compete for the auto insurance market.

Assa Insurance received on Friday approval to market its auto insurance policy.

"So, with the effective date of transit permits due and December around the corner, the three insurers will dispute the preference of car owners," writes Juan Pablo Arias from La Nación.

Costa Rica: Mandatory Auto Insurance to Raise 16%

November 2009

The price of compulsory auto insurance in Costa Rica will raise from $23.65 to $27.51.

Motorcycle insurance will remain mostly unchanged (0.78% increase), whereas buses will pay considerably less (57%).

"Additionally, the comptroller authorized increasing accident coverage from $5.265 to $10.530. It will be funded with surplus resources from mandatory insurance", reports Nacion.com.

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