Costa Rica's New Insurance Market

Local company "Seguros del Magisterio", and two panamanian corporations, "Mundial" and "Assa", are the first new players in the market.

Wednesday, September 2, 2009

Costa Rica's insurance market is the largest in Central America. This can be analyzed by comparing the assets of the state-owned National Insurance Institute of Costa Rica, with the other insurance companies of the region.

From an article in Martesfinanciero.com: "Costa Rica, as an insurance market, is very attractive to foreign companies, even thought it presents some risks.
Jaime Jean-Francois, vice president of Mundial Desarrollo, considers that the level of market penetration, as a percentage of GDP, still leaves much room for competition. While in Panama said penetration is 3%, in Costa Rica it is between 1.5% and 2%".

More on this topic

Aseguradora Mundial Authorized in Costa Rica

July 2009

The Panamanian insurer, owned by regional conglomerate Grupo Mundial, would operate in Costa Rica in 4 months.

As the insurance market opens in Costa Rica, Sociedad Aseguradora Mundial S.A. is the first foreign capital company to be authorized by the Pensions Superintendence (Supen, spanish acronym) to compete with the state's "Instituto Nacional de Seguros" and "Sociedad de Seguros del Magisterio" the first Costa Rican competitor.

Change comes to Costa Rica's national insurance company

July 2008

Costa Rica's passage of the Law to Regulate the Insurance Market has brought the National Insurance Company to a new stage, under which it gives up monopoly status at home but is allowed to enter foreign markets.

As a first stage of the internationalization of operations, the company is proposing to expand into Nicaragua over the next six months, and in 2009 it plans to enter the Panamanian marketplace.

Congress votes to remove state insurance monopoly

July 2008

Costa Rica's Congress approved a bill that will remove the state's monopoly of the insurance market.

As stipulated by the Constitutional Court, the bill was passed by a simple majority on a second reading. The bill also includes measures to strengthen the state insurance sector.

Costa Rica's insurance market opening up

June 2008

A bill to change the regulatory environment of the insurance industry in Costa Rica appears to have the 38 votes needed to pass second reading.

There appears to be no serious opposition to the Regulatory Law of the Insurance Market, and it looks as though it will have smooth sailing in Congress.

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