Costa Rica: More Competitors in Insurance Sector

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.

Thursday, September 11, 2014

From a statement issued by BlueCross BlueShield Costa Rica:

Insurer arrives in the country with plans for complementary health

• Member of the BlueCross BlueShield Association (BCBSA), an organization of more than 37 healthcare companies in the United States and other countries and which serves, through them, over 100 million policyholders.

• It is a subsidiary of Triple-S Group, the leading insurance company in Puerto Rico.

September 11, 2014. BlueCross BlueShield Costa Rica has come to the Costa Rica market of health and life insurance to offer products with competitive premiums and make them accessible to everyone of all socioeconomic strata. The company offers plans that are complementary to those of the Costa Rican Social Security Department.

BlueCross BlueShield Costa Rica is part of the Triple-S Group, the largest insurer in Puerto Rico, with an income premium of more than 2,000 million, 3,500 employees and 2.2 million policyholders of their health insurance plans.

More on this topic

Costa Rica: Personal Insurance Premiums Up 21%

July 2014

The sale of life, accident and health insurance rose from $113 million in June 2013 to $148 million in the same month in 2014.

Figures from the Superintendence of Insurance (SUG) show the growing interest on the part of Costa Ricans in policies for medical expenses and life coverage.

Nicaragua: Insurance Market up to March

May 2014

Products in the category of life, accident and health lead the 6% increase in premiums seen in the first three months of the year compared with the same period in 2013.

Total premiums paid in the first quarter amounted to $42 million, of which 37.4% were for first party car insurance, 21.0 % for fire insurance and associated lines, 19.09 % for life insurance (individual and collective) and the remaining 6.01 % for health insurance.

Insurance Market in Costa Rica up to March 2014

May 2014

The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.

The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).

New Association of Insurance Companies in Costa Rica

February 2010

It groups all the insurance companies authorized to operate in the country.

Called ACAR (Costa Rican Association of Insurers and Reinsurers), it is chaired by Guillermo Constenla, head of INS, the National Insurance Institute.

“Constenla explained that the association has been created to assist the Insurance Superintendence in generating a more fluid insurance market”, reported El Economista.