Insurance in Costa Rica will be similar to those in Uruguay

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.

Wednesday, August 20, 2008

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.

The termination of the decades old state monopoly in a country that has socio-demographical characteristics similar to Costa Rica make the story of local insurance and that of the South American country comparable.

When Uruguay approved the opening of the market in 1993, one of the first effects was the increase in the number of insurance companies. Six years since the changes, there are 17 registered firms in addition to the State Insurance Bank (BSE).

More on this topic

Results of Insurance De Privatization in Costa Rica

July 2012

Four years after the de-monopolization of the market, the National Institute of Insurance holds 91.5% of insurance premiums and 12 private insurance companies have won the remaining 8.5%.

An analysis of the topic made by Juan Pablo Arias in his article in Nacion.com, shows that the main benefit of the new competitive environment is growth of the sector in terms of policies issued, which increased by 24% from the date of de-monopolization, with growth attributed to the lowered rates.

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: Banks expedite procedures for the sale of insurance

January 2009

In February, the period for banks to get authorization from the Insurance Superintendence to continue selling insurance policies will end.

According to the new Insurance Law, as reported by Nacion.com: "Banks have to set up a company exclusively for the sale of insurance, and it has to be accredited with the Superintendence.

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

September 2008

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.

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.

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