Costa Rica: Labor Insurance Opening Halted

The Constitutional Court admitted an appeal against the opening of labor risk insurance.

Thursday, February 10, 2011

By accepting the appeal made by Congressman José María Villalta, the court stopps the entry of new firms in order to analyze the appeal.

"The action also prevents the Insurance Superintendence from approving new products for job hazards until the ruling is issued," reports Nacion.com.

More on this topic

Limitations of Insurance Privatisation in Costa Rica

May 2012

The total exclusivity requirement imposed by the National Institute of Insurance on agencies who sell their insurance, is an anticompetitive mechanism that is making it difficult for the market to open up.

In his blog " Mercado Seguro " in Elfinancierocr.com, attorney and insurance specialist Said Breedy analyzes the criteria issued by the Commission to Promote Competition (COPROCOM) on the exclusivity clause in agency contracts with the National Institute Insurance (INS) in place since 2007.

The New Insurance Market in Costa Rica

May 2012

Privatization has attracted several foreign insurers and consumers are already benefiting from freedom of choosing between different options.

From 1924 to 2008, insurance was a state monopoly. Although this scheme was useful to the country and society in the twentieth century, it was impossible to continue in this way in a globalized market.

Private Insurance Companies have 10% Market Share

December 2012

In Costa Rica, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.

The undisputed leader remains the Instituto Nacional de Seguros (INS), with a 90.2% market share and among the private companies the strongest are Mapfre and Assa with a 9.6% share between them.

Private Insurance in Costa Rica Not Taking Off

November 2011

Three years since the privatisation of the insurance sector, the state agency (INS) remains the main entity in the market.

The market dominance of the National Insurance Institute (INS), with 94% of total premium income, is, in the opinion of the Association of Private Insurance (AAP), a result of the supervision exercised by the Superintendency of Insurance (Sugese).

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