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Latin American insurance and reinsurance update: Costa Rica, Mexico, Ecuador

Edwards Wildman Palmer LLP
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Costa Rica, Ecuador, Mexico
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March 2 2010

Aseguradora Mundial, the first foreign company authorized to sell insurance in the Costa Rican market, expects to roll out is first policy, an automobile insurance product, by April 2010

Aseguradora Mundial becomes first foreign company fully authorized to do insurance business in Costa Rica

Edwards Wildman Palmer LLP
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Costa Rica
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March 1 2010

Costa Rica's Insurance Regulator, Sugese, recently included Aseguradora Mundial on its list of authorized insurers, making Grupo Mundial of Panama the first foreign company with permission to conduct insurance business in the country's newly liberalized market

Javier Cascante appointed Insurance Commissioner

Edwards Wildman Palmer LLP
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Costa Rica
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December 14 2009

Costa Rica’s financial services supervisor, the Consejo Nacional de Supervision del Sistema Financiero (Conassif), recently unanimously selected Javier Cascante as the head of country’s new insurance superintendency, the Superintendencia General de Seguros (Sugese

Costa Rican insurance regulator: INS is prohibited from operating abroad

Edwards Wildman Palmer LLP
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Costa Rica
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November 12 2009

The Superintendencia de Pensiones (Supen), the interim regulator of the Costa Rican insurance market, recently issued an opinion stating that the Instituto Nacional de Seguros (INS) and its component entities are not permitted to engage in insurance or reinsurance business outside of the country, whether by acquisition, establishment or joint venture

Fitch Centroamerica: the opening of the Costa Rican insurance market will not resolve the problem of illegal sale of foreign insurance

Edwards Wildman Palmer LLP
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Costa Rica
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October 23 2009

Eduardo Recinos, Insurance Director for Fitch Centroamerica, reportedly commented recently that the true volume of insurance sales in Costa Rica is obscured by illegal sale of foreign insurance, and that he does not expect either the opening of the Costa Rican insurance market to private competition or the creation of an insurance regulator to eradicate the problem

Alico enters the Costa Rican insurance market

Edwards Wildman Palmer LLP
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Costa Rica
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October 20 2009

American Life Insurance Company (Alico) recently received conditional authorization to operate in Costa Rica

Costa Rican INS revives international expansion plans; double-digit market growth in Ecuador and Peru; IRB earnings decline 55.7 in Brazil

Edwards Wildman Palmer LLP
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Brazil, Costa Rica, Ecuador, Peru
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September 3 2009

As reported previously in this space, Costa Rica’s Instituto Nacional de Seguros’ international expansion plans were put on hold in May 2009 when the nation’s Comptroller General took the position that the INS was empowered only to partner with, not acquire or establish, foreign companies

Reinsurance prices down in Brazil? Costa Rican bank receives authorization to market insurance products on behalf of insurance companies; Venezuelan politician questions motives of opponents of new insurance law

Edwards Wildman Palmer LLP
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Brazil, Costa Rica, Venezuela
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July 30 2009

Eduardo Nakao, the CEO of IRB-Brasil Re, the government-controlled former reinsurance monopoly holder, recently acknowledged that the IRB’s reinsurance prices have hit a nine-year low and reportedly attributed the decline to increased competition from foreign reinsurance competitors

Expansion into emerging markets a priority for insurance companies despite economic crisis; Grupo Mundial lays out plans for Costa Rica; Chilean insurer expands into Peru; premium growth in Guatemala and Venezuela

Edwards Wildman Palmer LLP
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Chile, Costa Rica, Panama, Peru, Venezuela
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July 24 2009

According to a recent Accenture study, cross-border expansion into emerging markets is a major short-term priority for insurance companies based in both developed and developing nations