More Insurance Brokers in Costa Rica

The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months.

Monday, May 7, 2012

The number of insurance brokers in Costa Rica is now 14, a significant increase, up 75% from March 2011 to March 2012. While the number of intermediaries has increased, the number of insurance companies in decreased to nine during the same period, a reduction of 11.4%.

To date, three companies have become agency insurance brokers: AF Seguros, Comercial de Seguros and Asprose.

Thanks to the operations of 10 private insurance companies, which compete with the National Insurance Institute, the number of brokers and agents has increased. In March the former numbered 101 and the later 1431.

The analyst Juan Ignacio Gamboa believes that this type of intermediary (brokers) may bring greater dynamism to the market. "Brokers may be one of the major market participants, because they can analyze the possibilities and needs of customers and go to companies with this information so they can design products that do not exist," said Gamboa.



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