Insurance: The Fruits from Opening Up of the Market

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.

Wednesday, August 15, 2018

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. 

Crhoy.com reports that "... The nature of solidarity insurance (Workplace Risk, and Mandatory Motor Insurance) delayed the opening of these two policies for 4 years. But a resolution by the Constitutional Court at the end of 2012, finally gave the go-ahead for new companies to participate.  This authorization, however, has not been enough incentive for private companies, which are still analyzing whether it is worth competing in this niche. "..'Some companies have made inquiries, requests for information, but only that,' explained Tomás Soley, Superintendent of Insurance."

"... But in the rest of the lines, competition has generated a more dynamic and transparent market: it went from a total of 68 products registered in 2008 to 710 in the middle of this 2018."

Do you need more information about your business sector?

Request more information:








this site is protected by reCAPTCHA and Google's privacy policy and terms of service.
Need assistance? Contact us
(506) 4001-6423


More on this topic

Insurance: Incentives to Attract More Customers

October 2019

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.

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.

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.

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."

Market Opening Led to Lower Insurance Rates

July 2013

After two years of full competition in Costa Rica, insurers are keeping in place aggressive pricing tactics and incentives in the battle for customers.

In an interview conducted by Sergio Morales for Elfinancierocr.com, William Constenla, president of the National Insurance Institute (INS by its initials in Spanish), explained that the company has been forced to confront the price war by offering more services or range of products, offering, for example, zero deductible car insurance, which means that the insured party does not have to pay anything in case of an accident.

 close (x)

Receive more news about Insurance

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Looking for Importers and distributors of furniture

Mexican manufacturer of office furniture seeks importers and distributors interested in dealing their products in Central America.
PM Steele is a 100% Mexican company, with more than 67...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Jan 27)
Brent Crude Oil
55.660
Coffee "C"
127.20
Gold
1,839
Silver
25.43