Insurance Market Heats Up in Costa Rica

Insurance companies are fighting it on the streets and going door-to-door.

Wednesday, March 9, 2011

The insurance market was open to the competition by private operators back in 2009. This has led market players to become much more aggressive in the search for new clients and in the fight to keep old ones.

The various companies now competing in the market are in varied phase of existence: "...some have advantages over others, such is the case of the National Insurance Institute (INS). The market can be split in two phases: the organization of insurers and the open battle for customers", reported Elfinancierocr.com.

More on this topic

Demonopolization of Mandatory Auto Insurance

January 2015

The Superintendency of Insurance in Costa Rica is planning to start the process of opening up the market for compulsory automobile insurance in the first quarter.

In order to liberalize the market for compulsory automobile insurance, there first needs to be a review and approval of a decree which will focus on the regulation of the sale of insurance from the National Insurance Institute (INS) to private companies.

News From Costa Rican Insurance Market

December 2013

Five years after the opening up of the market, there have been 500 new products and some prices have dropped by up to 40%, but penetration is still low.

In an interview with María Morales from Markets & Trends undertaken with the Superintendent of Insurance in Costa Rica, Tomas Soley, the official explained that the opening of the market has led competitors to offer more value added products.

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."

Costa Rica’s Insurance Market

October 2011

In the newly privatised insurance market, companies are competing with the National Insurance Institute (INS in Spanish) to increase their portfolios.

Last June, according to the premium income figures, registered insurance lines and assets, INS was first, followed by Assa and Alico with its life and health insurance lines.

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