The Spanish insurance group has requested authorization to change the name of Aseguradora Hondureña Mundial to ‘Seguros Mapfre Honduras’.
The Spanish group has completed the purchase process, which began in 2010, of shares held by Aseguradora Mundial in Panama and its subsidiaries in Nicaragua, Costa Rica, El Salvador, Guatemala and Honduras.
Best Meridian Insurance Company (BMI) has entered the market by acquiring the license to operate from Aseguradora Mundial-Colectivos Empresariales.
BMI, is a company dedicated to the health, life, disability and financial services insurance and has a $7 billion portfolio of over 200 thousand customers.
Premiums rose by 9.5% in 2009 and 8.5% in 2010, reaching $ 918 million in total.
Insurance rating company A.M. Best published a report on the insurance sector in Panama, highlighting it as the largest in Central America and noting also that significant growth is expected in the coming years, supported by increased tourism, construction and Panama's efforts to implement transparent financial and tax laws.
The company was no longer offering their policies since April, 2010, and their main asset was a license to operate in the Salvadoran insurance market.
The establishment in 2009 of holding company Mapfre La Centroamericana, whose stock is owned 65% by Mapfre Mundial Holding, joined regional operations with Panamanian Aseguradora Mundial.
The Insurance Superintendence authorized new products by ASSA and Alico into the market.
Alico will sell Collective Life Insurance while ASSA is offering policies in dollars or colones, to protect movables or real estate against various risks.
As of now, Costa Rica private insurers are offering four different products to the population.
“The National Insurance Institute offers 142 products, while Magisterio 13”, reported Nacion.com.
The company signed insurance brokerage agreements with ASSA and Mundial, becoming the first broker who has signed deals with the country’s five authorized insurers.
“ASSA Compañía de Seguros S.A.”, was authorized to operate in Costa Rica on April 13, and Mundial received its authorization back on February 19.
Panama’s insurance industry grew from 17 participants two years ago to 27 today, and $850 million in insurance policies.
An update to Panamanian insurance legislation has been discussed for the past 8 years. Talks are currently being held between insurers and regulators to modify Law 59 of 1996, the one currently in force in a growing, competitive insurance market.
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.
“Alvaro Castro, company manager, commented that the license is a first step, and that they are currently training salespeople”, reported Elfinancierocr.com.
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