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More Insurance Brokers in Costa RicaMonday, May 7, 2012 The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months. The number of insurance brokers in Costa Rica is now 14, a significant increase, up 75% from March 2011 to March 2012. While the number of intermediaries has increased, the number of insurance companies in decreased to nine during the same period, a reduction of 11.4%. Insurance Market Heats Up in Costa RicaWednesday, March 9, 2011 Insurance companies are fighting it on the streets and going door-to-door. The insurance market was open to the competition by private operators back in 2009. This has led market players to become much more aggressive in the search for new clients and in the fight to keep old ones. Radiography of the Insurance Sector in Central AmericaWednesday, September 21, 2016 Panama stands out as the country with the highest penetration rate in the region, and at the other end is Honduras, with the lowest rate, and below the average in Latin America. From a report by MAPFRE: "Trends of growth in insurance markets in Latin America": Costa Rica: The Insurance Industry in June 2015Thursday, October 22, 2015 An accounting change in state insurance company explains the reduction of 3% in total industry premiums at the end of the first half of 2015 compared to the same period in 2014. From a report by Fitch Ratings: Costa Rica: Growth in Insurance Brokerage BusinessTuesday, November 29, 2016 The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market. Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according Elfinancierocr.com. Costa Rica: Insurance Agents vs. BrokersMonday, August 23, 2010 The country's new insurance law restricts which products agents can sell but the restrictions do not apply to brokers. Insurance agents, due to their contractual relationship with insurance companies, can only offer their products. However, they may do this with different insurers at the same time, provided that these companies' products belong to different categories. Costa Rica: Regulations for Insurance BrokersThursday, October 21, 2010 Rules to be complied with in order to become an Insurance Broker have been set. Javier Cascante, director of the Insurance Superintendence , said the new provisions allow the transformation of an insurance agency into an insurance brokerage firm will be more agile and expeditious. New Insurance Company Authorized in Costa RicaThursday, February 21, 2013 Sagicor has been authorized by the Superintendent of Insurance to sell personal and general policies. According to an article in Elfinancierocr.com, Sagicor "... ASSA Unveils its Portfolio of Products in Costa RicaThursday, August 5, 2010 The Panamanian insurer will offer offer 25 products in Costa Rica, available in both dollars and colones, the local currency. In a press conference, the insurance company unveiled half of its product portfolio, already available to the public. These products will be sold via brokers and agents. New Association of Insurance Companies in Costa RicaWednesday, February 17, 2010 It groups all the insurance companies authorized to operate in the country. Called ACAR (Costa Rican Association of Insurers and Reinsurers), it is chaired by Guillermo Constenla, head of INS, the National Insurance Institute. Mapfre-Mundial Starts Selling Insurance in Costa RicaTuesday, May 18, 2010 Insurance company Mapfre-Mundial will start selling vehicle insurance this week; its product is called “Póliza Lider” (Spanish for Leader Policy). It is the first to compete directly with the National Insurance Institute (INS) in the general insurance segment. Costa Rica: BCR Insurance Extends Brokerage ServicesMonday, May 17, 2010 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. Results of Insurance De Privatization in Costa RicaMonday, July 16, 2012 Four years after the de-monopolization of the market, the National Institute of Insurance holds 91.5% of insurance premiums and 12 private insurance companies have won the remaining 8.5%. An analysis of the topic made by Juan Pablo Arias in his article in Nacion.com, shows that the main benefit of the new competitive environment is growth of the sector in terms of policies issued, which increased by 24% from the date of de-monopolization, with growth attributed to the lowered rates. "Fast" Insurance in Costa RicaTuesday, June 5, 2012 After the fall of the state monopoly on the insurance market, there is still little competition in the insurance ‘auto-expendables’ segment. Despite losing the monopoly legally, the state run National Insurance Institute (INS) continues to dominate market segments, including "fast" insurance policies known as ‘auto-expendables’ in Spanish. Increase in Sales of Health Insurance in Costa RicaWednesday, November 5, 2014 Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth. According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies. |
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Wednesday, July 6, 2022 - last update: Monday, 5:34 pm
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