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 Elfinancierocr.com.

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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More on this topic

Costa Rica: More Competitors in Insurance Sector

September 2014

US insurer BlueCross BlueShield, has announced the opening of its operations in the country, which will be part of the Puerto Rican Triple-S Group.

From a statement issued by BlueCross BlueShield Costa Rica:

Insurer arrives in the country with plans for complementary health

More Insurance Brokers in Costa Rica

May 2012

The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months.

The number of insurance brokers in Costa Rica is now 14, a significant increase, up 75% from March 2011 to March 2012. While the number of intermediaries has increased, the number of insurance companies in decreased to nine during the same period, a reduction of 11.4%.

Costa Rica: BCR Insurance Extends Brokerage Services

May 2010

The company signed insurance brokerage agreements with ASSA and Mundial, becoming the first broker who has signed deals with the country’s five authorized insurers.

“ASSA Compañía de Seguros S.A.”, was authorized to operate in Costa Rica on April 13, and Mundial received its authorization back on February 19.

Banco Popular to Sell Insurance in Costa Rica

July 2009

Starting June 2009, the bank is authorized to sell insurance, and it will start will INS policies.

Presently, Banco Popular only commercializes Popular Seguros services in its central offices, but will expand to other locations in the short and mid term.

Even though they might sell policies from other operators in the future, "currently there is only Sociedad de Seguros del Magisterio and the recently opened Grupo Mundial, so at first we will only work with INS, the strongest in the national market", commented William Alcázar, Popular Seguros manager, in an article in Elfinancierocr.com.

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