Seventy-six percent of the capital stock of Adisa Costa Rica, hitherto owned by Istmo Compañía de Reaseguros, has been purchased by Compañía Internacional de Seguros.
The remaining 24% of the shares of the company Aseguradora del Istmo S.A. remains in the hands of the Costa Rican cooperative Coopenae.
Istmo Compañía de Reaseguros, which until recently owned 76% of the shares of Adisa Costa Rica, wastaken over by the Superintendency of Insurance of Panamain December last year for not having the required assets, among other breaches.
The Superintendency has taken administrative and operational control of Aseguradora del Istmo S.A., due to a number of deficiencies identified in the operation of the company.
From an announcement by the Superintendency of Insurance and Reinsurance:
The Superintendency of Insurance and Reinsurance of Panama, through Resolution No.
In the last interannual period personal insurance increased by 11%, general by 5% and compulsory by 9%.
From a bulletin on the Insurance Sector in November 2013 by the Superintendency of Insurance:
BASIC INDICATORS
The total amount of direct premiums collected reached c436,3 billion in November 2013. The involvement of voluntary insurance equaled the average of the last four annual periods - Nov 20l0-Nov 20l3), 73%.
After five years of monopolization, there are 13 insurers, 17 brokers companies, 63 agency companies and 49 auto insurance operators competing in the Costa Rican insurance market.
Nacion.com reports: "Also noteworthy is the 442 products registered up to June this year, surpassing the 159 registered in the same month in 2010."
At the end of the first half of 2013, the Instituto Nacional de Seguros led the market with 89.7%, followed by Assa with 3.2% , Pan American Life with 2.9%, Mapfre with 1.6% and Adisa with 1.4%.
Pan American Life and Assa accumulate 6% of the market, reporting up to May 2013 accumulated income of $12 million.
According to the Superintendent of Insurance (SUG) these two companies have the largest reported income. "Other market participants with significant shareholdings are Mapfre Seguros with revenues of $7 million and Aseguradora del Istmo with $4.5 million," noted an article in Elfinancierocr.com.