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.

Elfinancierocr.com 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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Private Insurance Companies have 10% Market Share

December 2012

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

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.

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%.

Pan-American Life Starts Operations in Costa Rica

July 2010

The insurer will launch a strong campaign to enter the market, looking to create demand for its services.

Eugenio Magdalena, executive vice president of International Markets at Pan-American, remarked that the company will provide individual insurance, focusing on life, health and accident policies.

Pan American Life To Sell Insurance in Costa Rica

June 2010

Pan American Life Insurance was finally authorized by the Insurance Superintendence to operate in the country.

The company will sell individual life and health insurance, as well as group life, accident and health insurance. One of its core products is a policy for large medical costs, which will allow individuals to get expensive health care both in Costa Rica and abroad.

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