Insurance companies from Panama study possibility of setting up in Costa Rica

The opening of the insurance market in Costa Rica is in full process, and this sounds like music to the ears of the three main Panamanian insurance firms.

Monday, September 8, 2008

Aseguradora Mundial (Worldwide Insurance), ASSA Compañía de Seguros (ASSA Insurance Company) and Compañía Internacional de Seguros (International Insurance Company) which rank at first, second and third place in the Panama market, are analyzing entering Costa Rica's market.

Their intentions are so serious that two weeks ago Jaime Jean Francois, vice-president of the expansion division of Aseguradora Mundial, was preparing for a trip to the country to fine tune details of the operation.

The executive said that eight individuals from the company are following each step of the opening of the market. Hence it is not strange that he would have the two regulatory projects for the Costa Rican insurance market on his desk at his office located on Balboa Avenue.

More on this topic

State Insurance Domination Starts to Crumble

July 2011

Three years after removal of the monopoly in Costa Rica, sales by private insurers are growing, although the state insurer, INS, still maintains more than 90% of market share.

Although the National Insurance Institute (INS) still retains most of the market, private insurers have gradually increased their presence.

Costa Rica: New Insurance Policies

June 2010

The Insurance Superintendence authorized new products by ASSA and Alico into the market.

Alico will sell Collective Life Insurance while ASSA is offering policies in dollars or colones, to protect movables or real estate against various risks.

As of now, Costa Rica private insurers are offering four different products to the population.

Costa Rica Authorizes Assa Insurer

April 2010

After being authorized by the Costa Rican Insurance Superintendence, the Panamanian insurer becomes the fifth company to enter this market.

“Assa Compañía de Seguros” will sell individual and general insurance in the country.

Insurance Superintendent Javier Cascante detailed that Assa plans to register 13 products.

Insurance in Costa Rica will be similar to those in Uruguay

August 2008

Similar backgrounds in both countries regarding the state monopolization of the insurance industry suggest that the development of an open market in Costa Rica will be similar to that of Uruguay.

Lower prices and more services are strong on the list of possible changes that will come with the opening of the insurance market in Costa Rica; at least that is what the experience in Uruguay suggests.

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Aseguradora Ancón

Organization that operates in Panama.
Phone: (507) 210-8787

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