Pan American Life Authorized to Operate in Costa RicaWednesday, March 3, 2010 Pan American Life Insurance Costa Rica S.A. was authorized to operate by Sugese, the Insurance Superintendence. The insurance company requested authorization on September 2009, and has now become the sixth to enter the Costa Rican market. Pan American Life To Operate in Costa RicaThursday, October 1, 2009 Insurer Pan American Life Insurance Group (Palig), submitted a request to operate in the country. Its President, José Suquet, announced the company's interest in commercializing individual and collective life insurance, as well as accident and health insurance, while staying out of vehicle and disaster insurance. Guatemala: Insurance Companies Broaden Range of ServicesMonday, November 28, 2011 Before new insurance companies join the market insurers are expanding their range of products and services. Starting next year it is expected that the Superintendency of Banks (SIB) will authorize the insurers Best Meridian Insurance Company (BMI) and the British Union Provident Association (Bupa) to start operations . Panama: Generali to Insure TouristsMonday, October 4, 2010 Insurance company Group Generali, with a 2 Million bid price tag, will provide insurance for tourists entering the Tocumen International Airport. The bid process had been delayed by two complaints filed by insurer American Life Insurance Company (ALICO). Pan-American Acquires Assets of ALICO in Panama and Costa RicaFriday, November 11, 2011 Through this acquisition, PALIG will increase its already considerable business in Panama and Costa Rica, while expanding its presence in the Caribbean. In total, the businesses that PALIG are attempting to acquire represent over $125 million in premiums and $675 million in assets, according to 2010 figures. Pan American Life To Sell Insurance in Costa RicaThursday, June 24, 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. INS Not Able to Develop Alliance with Foreign Insurance CompaniesMonday, February 16, 2009 The National Institute of Insurance of Costa Rica was not successful in formalizing an alliance with the businesses Alico and Pan-American Life to initiate a line of personal insurance. Mercedes Agüero, in her article in Nacion.com, writes: "As a coalition of these companies, INS attempted to start a line of personal insurance, especially for life and medical expenses—an untapped niche market due to the 84-year state monopoly." Pan-American Life Starts Operations in Costa RicaWednesday, July 21, 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. Statistics on Private Insurers in Costa RicaWednesday, June 26, 2013 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. American Life Insurance in Costa RicaMonday, August 17, 2009 The multinational company American Life Insurance is the third foreign insurer interested in operating in Costa Rica. Alico, a subsidiary of American International Group (AIG), began the process for obtaining authorization to operate in the local insurance market. lnsurance Market After PrivatizationMonday, February 27, 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. Costa Rica: State Insurer Loses Market ShareFriday, August 25, 2017 For the first time since the opening of the insurance market, the National Insurance Institute has lost its dominance in the health insurance segment, which is now led by Pan American Life Insurance. The insurance company Pan American Life Insurance took 40% of the revenues generated by sales of medical insurance policies at the end of June this year. According to data from the Insurance Superintendency, Instituto Nacional de Seguros (INS) "... accounted for 38% of the business (¢16,935 million), followed by Aseguradora del Istmo (Adisa) with 6%." Panama: 3 Companies Bid For Insurance ServicesWednesday, March 10, 2010 Pan Americal Life, “Internacional de Seguros” and “ASSA Seguros” have bid for supplying the government with insurance services. The $24 million contract comprises collective life and health insurance for the security employees of the government. Costa Rican Insurance Market Starts To MoveMonday, March 15, 2010 The insurance companies authorized to operate in the country have made combined guarantee deposits for $33 million. These deposit vary from insurer to insurer, depending on the range of products they intend to offer. Honduran Insurance Companies Grew by 14% in 2008Monday, March 16, 2009 Insurance premiums in Honduras grew by $35 million in 2008, reaching a total of $282 million. The market was led by Interamericana Insurance with 25.1% of the total ($70 million), followed by Insurance Atlántida with 17.3% ($48 million) and HSBC Insurance with 15.2% ($42 million). |
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