Costa Rica welcomes First US Insurance Company to join Local Competition

Posted on Mar 10, 2010 by Sergio Ulloa (G+)  | Tags: CAFTA, Costa Rica, Life Insurance, USA

The regulatory agency responsible for overseeing the insurance superintendency in Costa Rica has approved "Pan American Life Insurance de Costa Rica, S.A." as provider of insurance coverage in the country. This makes of Pan-American Life Insurance Group, an international insurance provider and financial planning service based in New Orleans, Louisiana, the first US insurance company to be officially welcomed into the Costa Rican market. The Costa Rican insurance market remained closed up till 2009 when competition was opened, after the passing of the Central American Free-Trade Agreement with the United States (CAFTA). For slightly over 84 years, the National Insurance Insitute (INS) had been the sole provider of insurance to Costa Ricans, together with Seguros del Magisterio, a company providing life insurance to teachers. Over the years of presence in Latin America, Pan-American Life is the main provider of both individual and group life and health insurance policies in the region comprised by Guatemala, Honduras and El Salvador. "Pan American Life Insurance de Costa Rica, S.A." is the name of the local corporation through which the Pan-American Life Insurance Group will compete in the Costa Rican insurance market, together with the other five approved providers of insurance coverage in the country: Seguros del Magisterio, Mundial-MAFRE, Alico Costa Rica, Assa Compania de Seguros and INS. As per statement released by the regulatory agency overseeing the Costa Rican insurance superintendency (SUGESE), these companies will begin selling their products within the next few months. Insurance Company mentioned: Pan-American Life Insurance Group The Pan-American Life Insurance Group was established in New Orleans in 1911 and now has operations in 47 U.S. states, as well Puerto Rico, Colombia, Guatemala, Panama, Ecuador, El Salvador, Honduras and the Cayman Islands. In Costa Rica, the company will offer term life insurance, universal life insurance, health and medical expense insurance and accident insurance.