Mundial Insurer to Operate in Costa Rica

The company was the first to submit its application to enter the Costa Rican market, and it hopes to start operations this year.

Monday, May 11, 2009

During the annual shareholders' meeting, the CEO of Mundial Group, Rodrigo Díaz, stressed that the strategy for this year is to improve the quality of service and operations.

Edith Castillo wrote in Prensa.com: "To maintain good performance levels in a less favorable local and international economic environment, a plan called Mundial Compite (Mundial Competes) has been put into motion, which Díaz hopes will achieve a cost reduction of 16%, savings of $4 million and an increase in income of 12% for this year."

More on this topic

Costa Rica’s Insurance Market

October 2011

In the newly privatised insurance market, companies are competing with the National Insurance Institute (INS in Spanish) to increase their portfolios.

Last June, according to the premium income figures, registered insurance lines and assets, INS was first, followed by Assa and Alico with its life and health insurance lines.

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.

Insurer “Mundial” Granted License in Costa Rica

February 2010

The Panamanian insurer will sell auto insurance for individual vehicles and corporate fleets.

Sugese, Costa Rica’s insurance superintendence, granted “Mundial Costa Rica” an A0-3 license, which enables it to sell insurance products to cover losses in damages to items, animals, plants or capital.

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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