Insurance Market Heats Up in Costa Rica

The demise of the state monopoly and the entrance of new competitors will feature the rise of the independent salesman as the main link between clients and insurers.

Tuesday, July 14, 2009

The Chamber of Insurance Companies (Canecos) is preparing for this new market, and will change its name and statutes to allow the new breeds of commercialization agents that will appear once the new insurance market regulating law comes into effect.

Jorge Salas Quirós, president of Canecos, was quoted in "The chamber must review its position and think not only in a relationship with a sole provider, as was the case with INS, but to analyze, with partners and insurance intermediares, scenarios for developing a more professional activity, that will make them more competitive. Canecos will change its name and will consolidate this professionalism; for it to be a profession rather than just selling policies, as it has been commonly misinterpreted. The adviser must know his client, its needs, to analyze the risk and offer options from all the insurance companies in the country".

More on this topic

Pressure on Insurance Marketing Agents

October 2012

The CEO of the National Insurance Institute of Costa Rica, accepted in a parliamentary hearing that he put political conditions on officers to be reinstated.

A statement by the Legislative Assembly of Costa Rica reads:

More Insurance Brokers in Costa Rica

May 2012

The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months.

The number of insurance brokers in Costa Rica is now 14, a significant increase, up 75% from March 2011 to March 2012. While the number of intermediaries has increased, the number of insurance companies in decreased to nine during the same period, a reduction of 11.4%.

Costa Rica: Insurance Agents vs. Brokers

August 2010

The country's new insurance law restricts which products agents can sell but the restrictions do not apply to brokers.

Insurance agents, due to their contractual relationship with insurance companies, can only offer their products. However, they may do this with different insurers at the same time, provided that these companies' products belong to different categories.

British American Panama Intervened

October 2009

The insurer is under control of a local interventor, and negotiations are underway to secure its sale.

The company, local branch of international group British American Insurance, is currently controlled by Ciro Cano, who was named as temporary interventor by the Insurance Technical Council.

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