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. 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."

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