Costa Rica: Growth in Insurance Brokerage Business

The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market.

Tuesday, November 29, 2016

Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according

Competition is expected to become more active still according to the information released, which highlighted the recent announcement of the arrival in Costa Rica of AGP Corporation, a group of US origin that includes a brokerage company, in addition to a reinsurer and insurance bank.

A total of 73 agencies were included in the industry in 2009, but this figure was reduced to 27 in 2016, according to information from the Superintendent of Insurance (SUG) which featured in the news, in which it was explained that the entities it is talking about are companies that allow their brokers -sellers of policies- to offer customers all products from any insurance market, enabling them to compare coverage and premiums, so that the policyholder can choose the best option.

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