Costa Rica

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. The product has reportedly been submitted to the Costa Rican insurance regulator, Sugese, for approval. Aseguradora Mundial has also reportedly indicated interest in offering insurance products covering fire, warranties for vehicles and appliances, credit card theft and fraud and pets. The company has also indicated interest in offering workers compensation insurance, an area that will become open to foreign competition in 2011 according to Costa Rican law.

Mexico

Total premiums for the fourth quarter of 2009 totaled $18.3 billion in Mexico, a 9.6% increase over the same period in 2008. According to a report by the Mexican insurance regulator, la Comision Nacional de Seguros y Fianzas (CNSF), total premiums for property and casualty and life insurance increased by 13.6% and 8.0% respectively in the quarter over quarter comparison. In the P&C sector, total premiums reportedly increased for fire insurance (139.8%), earthquake (27.8%), liability (20.0%), transport and maritime (13.5%), credit (10.0%) and agriculture (5.4%). Total premiums for automobile insurance decreased 4.2% when comparing the same periods.

Ecuador

Petroecuador has reportedly rejected insurance company Seguros Sucre’s pricing terms for the company’s Petroleum total risk and liability insurance policy. Seguros Sucre reportedly sought US$ 49.9 million in premium for the two-year policy, where Seguros Colonial had previously provided the cover at US$ 9.7 million per year. Petroecuador did comment that the remaining terms of Seguros Sucre’s offer met the company’s requirements.

If you would be interested in learning more about the Costa Rican, Mexican, Ecuadorian and/or other Latin American (re)insurance markets and/or regulatory environments, please click the “Email the Editor” button and provide your contact information for follow-up by an EAPD attorney.