INS Not Able to Develop Alliance with Foreign Insurance Companies

The National Institute of Insurance of Costa Rica was not successful in formalizing an alliance with the businesses Alico and Pan-American Life to initiate a line of personal insurance.

Monday, February 16, 2009

Mercedes Agüero, in her article in, writes: "As a coalition of these companies, INS attempted to start a line of personal insurance, especially for life and medical expenses—an untapped niche market due to the 84-year state monopoly."

"At present, personal policies represent only between 14 to 15% of the portfolio of the Institute, despite that, normally, this type of insurance dominates the offerings of insurance companies."

More on this topic

Costa Rica: State Insurer Loses Market Share

August 2017

For the first time since the opening of the insurance market, the National Insurance Institute has lost its dominance in the health insurance segment, which is now led by Pan American Life Insurance.

The insurance company Pan American Life Insurance took 40% of the revenues generated by sales of medical insurance policies at the end of June this year. According to data from the Insurance Superintendency, Instituto Nacional de Seguros (INS) "... accounted for 38% of the business (¢16,935 million), followed by Aseguradora del Istmo (Adisa) with 6%."

Increase in Sales of Health Insurance in Costa Rica

November 2014

Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth.

According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies.

Private Insurers Sell More Personal Policies

June 2012

Two new companies sold 17% of this sector of the Costa Rican market.

Panamerican Life and Seguros de Alico are the main rivals of the National Insurance Institute (INS), with a share of 14% of the personal insurance policies sold in the Costa Rican market, while other private companies control 4%.

Competency in Insurance Already Exists in Costa Rica

February 2009

Magisterio S.A. insurance is the first business authorized by SUPEN to operate in the market of national insurance that was up to now a monopoly of the state, INS.

The business is owned by Sociedad de Seguros de Vida del Magisterio, which already offered life insurance to the members of the teaching community and their relatives – a sector which included 22.000 individual clients and more than 40,000 in group insurance - in which they were the only exception to the monopoly of the National Institute of Insurance. Now, it will be authorized to offer its products to all of the domestic market, without restrictions.

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