According to information from the Superintendency of Banks (SB), until August, the total amount of insured individual plan premiums reached $16.35 million (18.2%), meanwhile direct premiums in group plans totaled $73,5 million.
"An insurance expert Mario Mendizabal said the group plans monopolize the market because companies buy them for their employees."The company pays a portion and employees another, but what the workers pay is something symbolic or minimal", he added.
He further explained that individual life insurance is not purchased in the same way as group policies, because of the high price they charge for a single person ", reported S21.com.
Source: sigloxxi.com
More on this topic
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.
September 2009
In July, written premiums were $78 million, 22% more than the same period of 2008.
Such growth was mainly fueled by individual life insurance (first year), which grew 143%, as it had happened last May.
"According to sources from the industry, the growth of life insurance (first year), is driven by a single company, who is selling in the market this nontraditional product", reports Prensa.com.
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.
February 2009
Magisterio S.A. insurance is the first business authorized by SUPEN to operate in the market of national insurance that was up to now a monopoly of the state, INS.
The business is owned by Sociedad de Seguros de Vida del Magisterio, which already offered life insurance to the members of the teaching community and their relatives – a sector which included 22.000 individual clients and more than 40,000 in group insurance - in which they were the only exception to the monopoly of the National Institute of Insurance. Now, it will be authorized to offer its products to all of the domestic market, without restrictions.
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