Insurance: Incentives to Attract More Customers

Discounts in fitness centers, in dental services or in consultations with psychologists, are some of the benefits offered by insurance companies in Costa Rica to maintain their portfolio of clients and attract new ones.

Thursday, October 24, 2019

The National Insurance Institute (INS), Sagicor, Pan American Life Insurance, Océanica de Seguros and Mapfre, are some of the competitors in the Costa Rican market that offer this type of privileges in their policies.

See "Tender for $5 Million in All Risk Insurance"

Grace Segura, head of the INS Underwriting Directorate, explained to Elfinancierocr.com that the "... they allow for customer loyalty by providing these benefits in addition to the basic coverages that the products offer."

The article adds that "... In the case of auto policies, include services such as roadside assistance, public transportation to the airport, or enough fuel for the customer to advance to their destination or the nearest gas station. Also, discounts in some shops or even change of tires."

You may be interested in "Outlook for the Insurance Market"

In the case of the INS, for customers who have contracted insurance for vehicles, it offers tire change service, fuel delivery in emergency situations and even a designated driver.

According to official reports, in Costa Rica the total income from insurance premiums accumulated $1.261 million in 2018, 3% more than what was reported during 2017. For the years in question, the per capita spending of Costa Ricans on insurance also increased, in this case the increase was $248 to $252.

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More on this topic

Insurance: The Fruits from Opening Up of the Market

August 2018

Ten years after the elimination of the insurance monopoly in Costa Rica, private insurers have managed to "steal" from the state company about 12% of the market.

Mapfre Seguros, Sagicor, Assa Compañía de Seguros and Best Meridian Insurance are some of the 12 private companies that have been competing in the Costa Rican insurance market since 2008, when the law came into force opening up the business which for more than 80 years was in the hands of a single company, Instituto Nacional de Seguros. 

Panama: What and How Much in the Insurance Market

March 2018

Three insurers distributed 52% of the premiums generated in January of this year, which in total amounted to $129 million.

In the first month of 2018, the three insurance companies that subscribed the largest proportion of the premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with $32 million, $19 million and $16 million, respectively.

Insurance in Costa Rica: 5 Years of Free Market

August 2013

After five years of monopolization, there are 13 insurers, 17 brokers companies, 63 agency companies and 49 auto insurance operators competing in the Costa Rican insurance market.

Nacion.com reports: "Also noteworthy is the 442 products registered up to June this year, surpassing the 159 registered in the same month in 2010."

lnsurance Market After Privatization

February 2012

In Costa Rica private insurers have come into the market, primarily selling life and car insurance, with customers seeing lower rates.

Although the National Institute of Insurance (INS) remains the undisputed market leader, private insurers are gradually gaining ground, particularly in the areas of auto and life policies.

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