Results of Insurance De Privatization in Costa Rica

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%.

Monday, July 16, 2012

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.

In this competitive environment, the National Insurance Institute continues to grow, despite the challenge of supply from private insurers.

"In December 2008, total premiums placed amounted to $611 million when the market was under the monopoly. Three years later, in December 2011, involving 10 insurers, the amount reached $793 million. In terms of real growth (deflated), this increase is 24%. "

"The market has become more competitive. The incumbent's participation in various branches of the insurance sector is declining", said Javier Cascante, Superintendent of Insurance.

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