Costa Rica: The Surity Bond Market

Insurers have started to issue these policies which compete with bank share and performance guarantees.

Wednesday, December 3, 2014

The National Insurance Institute (INS) and Oceánica Seguros are the two companies which have been offering such policies since this year. Meanwhile, the company ASSA will start to offer them in in 2015 and Mapre is still adjusting its offers with a view to supplying them in the future.

Elfinancierocr.com reports that "... up until September, this category earned a premium income of $6.9 million; of these, the INS received $6 million. Oceánica de Seguros expects to close 2014 with about a 15% market share. It also plans to handle at least 50% of the market in the next two years ... Meanwhile, ASSA will be selling about 100 insurance bonds in 2015. "

"... These companies are not only competing with other insurers, but also with the banking sector, because, like serity bonds, with guarantees, the bank's objective is to respond when there is a default. "



More on this topic

Costa Rica: Insurers Can Not Sell Bonds

December 2014

Insurers are limited to selling insurance policies and are not allowed to sell commercial bonds.  

After the Insurance Superintendence requested clarification on whether or not insurers were authorized to sell bonds, the Attorney General's Office concluded that "... insurance companies should be limited to its insurance business, therefore they are not allowed to sell commercial bonds. "

Changes in Nicaraguan Insurance Market

May 2013

Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.

The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector.

Costa Rica: The State Still Buys Insurance from INS

August 2012

Despite the de-monopolization of the market four years ago, state institutions continue to obtain their insurance with the National Insurance Institute (INS).

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."

Panamanian Insurer Enters Colombia

May 2012

Grupo Assa is the largest shareholder of Cardinal Insurance, a company that began operations in Colombia offering compliance, guarantees and legal liability policies.

Grupo Assa of Panama has entered the insurance market in Colombia under the banner of Cardinal Insurance, after a successful expansion in Costa Rica, El Salvador and Nicaragua.

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