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."
In private insurance companies is considered "The little experience in hiring private sector insurance explains the low prices by state entities."

"With the opening of the insurance market, insurance companies such as Assa, Mapfre, Qualitas and Bolivar are allowed to offer coverage for goods, as they have authorization to sell general insurance policies. Nevertheless, these firms and state enterprises recognize that there are few occasions where quotes are made for coverage of state assets with entities other than of the National Insurance Institute (INS). "

Source: Nacion.com

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In the newly privatised insurance market, companies are competing with the National Insurance Institute (INS in Spanish) to increase their portfolios.

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