Although the National Insurance Institute (INS) still retains most of the market, private insurers have gradually increased their presence.
Of eleven listed companies, seven reported sales in the first half of the year and most believe that conditions exist to continue increasing sales and consolidating their position in the market.
An article in Nacion.com states: "Today, seven insurance companies are fully operational (Alico, Assa, del Magisterio, INS, Mapfre, Panamerican Life and Qualitas), two are enrolled but not yet trading (Adisa and Bolivar) and two have finished the registration procedures (BMI and Southern Atlantic).
"Now we are seeing signs of life which will start to snowball and we will have much more movement," said Angelic Lizano, vice president of Mapfre.
Sergio Ruiz, manager of Assa, said people still are waiting on the benefits of the open market. "The opening has just begun and there is a long way to go," he said. "
Source: Nacion.com
More on this topic
February 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.
October 2011
In the newly privatised insurance market, companies are competing with the National Insurance Institute (INS in Spanish) to increase their portfolios.
Last June, according to the premium income figures, registered insurance lines and assets, INS was first, followed by Assa and Alico with its life and health insurance lines.
September 2009
Local company "Seguros del Magisterio", and two panamanian corporations, "Mundial" and "Assa", are the first new players in the market.
Costa Rica's insurance market is the largest in Central America. This can be analyzed by comparing the assets of the state-owned National Insurance Institute of Costa Rica, with the other insurance companies of the region.
March 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.
Nacion.com reported that companies offering individual and general insurance will have to deposit $8.8 million.
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