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Costa Rica Insurance Market News and Information
The insurance sector in Costa Rica is open for business, here you will find articles on its development.
Car, Life insurance Takes Off
- Tuesday, 28 February 2012 01:05
- Last Updated on Monday, 27 February 2012 16:36
- Written by Rod Hughes
Since the 84 year-old INS insurance monopoly was broken in August of 2008, in the wake of a new law, a tug of war has been waged by private companies to wrest the market share from the state-run INS.
Voluntary automobile policies, mostly comprehensive, and life insurance have been the most disputed items, with a bewildering variety of offerings.
INS Gets A- Rating from AM Best
- Monday, 30 January 2012 01:38
- Last Updated on Friday, 27 January 2012 09:04
- Written by Rod Hughes
The Oldwick, N.J., international rating company A. M. Best has assigned a rating of A- (excellent) to the government-owned Costa Rican insurance company National Insurance Institute (INS).
The insurance company (a former monopoly) also received an issuer credit rating of A-. The outlook assigned both rating is stable.
US Firm Admits Bribing INS Officials
- Friday, 23 December 2011 02:04
- Last Updated on Thursday, 22 December 2011 15:15
- Written by Rod Hughes
The world's leading insurance, reinsurance and and risk consultant has settled out of court with the Securities Exchange Commission (SEC) and the U.S. Department of Justice (DOJ), admitting the company bribed officials of the National Insurance Institute (INS),
Besides Costa Rica, Aon corporation admitted paying out some $3.6 million in bribes to officials in Egypt, Vietnam, the United Arab Emirates, Indonesia, Myanmar and Bangladesh. Under plea agreement, the firm paid out $16 million in fines to DOJ and SEC.
Costa Rica Insurance Market Evolution 2011
- Thursday, 22 December 2011 14:54
- Last Updated on Thursday, 22 December 2011 15:11
- Written by Russ Martin
On December 21st the Insurance Superintendency (SUGESE) held a press conference regarding the state and evolution of the insurance market in 2011. 2010 was the first real year that consumers were provided a choice of providers for their insurance needs, and 2011 was the first year that many of these providers were able to implement their strategies for the Costa Rican market. Below is a synopsis of information presented by the Superintendent, Javier Cascante, in the conference.
Obligatory Vehicle Insurance Rates Set
- Friday, 18 November 2011 02:31
- Last Updated on Thursday, 17 November 2011 09:53
- Written by Russ Martin
The SUGESE this week set rates for the obligatory vehicle insurance and the annual marchamo tax was due and payable at financial service centers throughout the country, as well as at the INS web site http://www.ins-cr.com/ 
A check on Thursday showed that the amount due for a vehicle could be reviewed on the site. The average rate increase by 43% percent as compared to 2011.
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