Private Insurance Companies have 10% Market Share

In Costa Rica, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.

Friday, December 14, 2012

The undisputed leader remains the Instituto Nacional de Seguros (INS), with a 90.2% market share and among the private companies the strongest are Mapfre and Assa with a 9.6% share between them.

According to the Superintendent of Insurance, the largest segment of the market is the general insurance category (51%), followed by sickness insurance (26%) and personal life policies (26%).

"Excluding certain sickness policies (which are only sold by the INS), the main policies sold in the market are automotive (35%), fire (21%), life (17%) and health (14%)" adds Nacion.com.



More on this topic

Private Insurers Sell More Personal Policies

June 2012

Two new companies sold 17% of this sector of the Costa Rican market.

Panamerican Life and Seguros de Alico are the main rivals of the National Insurance Institute (INS), with a share of 14% of the personal insurance policies sold in the Costa Rican market, while other private companies control 4%.

lnsurance Market After Privatization

February 2012

In Costa Rica private insurers have come into the market, primarily selling life and car insurance, with customers seeing lower rates.

Although the National Institute of Insurance (INS) remains the undisputed market leader, private insurers are gradually gaining ground, particularly in the areas of auto and life policies.

Zero Competition for Mandatory Insurance in Costa Rica

July 2011

Although competition in compulsory insurance opened up to private operators in January, the market still has only one supplier, the state run INS.

According to the Law Regulating the Insurance Market and CAFTA, from January 2011 the market has been open to competition for compulsory car insurance and occupational risk policies.

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.

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