Room to Grow in Insurance for SMEs

In Costa Rica insurance companies are seeking to increase sales of policies to SMEs and take advantage of a hitherto untapped market.

Monday, December 15, 2014

Small and medium enterprises (SMEs) represent 77% of businesses in the country, and therefore insurers are seeking to enter this market niche which has not been fully exploited. There are currently 5 companies that have focused on this market segment, but it is expected in 2015 one more will be added offering health insurance, and life insurance and workplace accident policies, among others. reports that "... The policies offered in this niche usually cover fewer people and have a more affordable cost. In the case of INS, Mapfre and Pan American Life, the expectation is to expand the supply over the next year, with options which are increasingly specialized on the needs of these companies. Overall, the market supply focuses on accident and health insurance as well as fire and workplace risks. The new options would also be in line with these categories. "

"... While there is no data showing how many of these companies are insured, the companies claim they are in a minority. The truth is only recently interest in purchasing a policy has arisen, perhaps either due to lack of a culture dictating that these companies need one or because they were unaware of specialized offerings for them. Insurers are taking care that they to cover the second problem with policies which are more suited to these businesses, allowing them to exploit a niche that was not being attended to before. "

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