According to a recent article in El Financiero, large companies are waiting expectantly for the introduction of insurance alternatives in the Costa Rican market.
According to the piece, executives at Wal-Mart Costa Rica, Florida Ice & Farm (Fifco), Improsa SAFI, Multifondos and Corporacion Pipasa all admitted that they are keeping an eye on developments in the newly opened market to see what new products and pricing alternatives may emerge. Although those interviewed acknowledged that they hoped for favorable pricing shifts, they also noted that a desire for better service and the availability of until-now-non-existent policy lines also factors importantly in their interest in alternatives.
The Instituto Nacional de Seguros, which previously enjoyed a government-mandated monopoly on insurance and reinsurance, remains the only company engaged in marketing a broad range of products in Costa Rica. Seguros del Magisterio was recently authorized to sell insurance in Costa Rica and intends to begin marketing life and health insurance to the general population in the near future, but has not indicated a short-term intent to sell any other lines.