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The three major insurance companies in Panama and Mexico's raid Qualitas evaluated before breaking the monopoly
• "Grupo Mundial" confirmed its entry next year, the remaining value of the investment cost to fight the supply of safe mixed • Mexican Signature driving its expansion plan in the region, which began in El Salvador The big players in the insurance market in the region begin to pave the way to go to full competition in Costa Rica. The three largest Panamanian firms in this sector (which dominate 50% of the market in the country) see a neighbor in its high potential for business, as the insurance industry the second largest in Central America. After 84 years of monopoly, these companies are in the local market a diversified economy, demand unattended, purchasing power and suppliers able to jump-start the business. This evaluation of opportunities, is the World Group has expressed its strongest impending raid in Costa Rica, which would live in the first half of 2009. The Panel comprises a cluster of financial companies which include the trading of insurance Circle Total Protection, which operates in Costa Rica with policies of the National Insurance Institute. In its intentions to gain ground at the local level out the possibility of going to a strategy based on price, said Jean Francois James, vice president of Global. Costa Rica is interested in signing the offer life insurance, health and corporate. The region has operations in Guatemala, Honduras, El Salvador and Nicaragua. Unlike World Group, the Panamanian company ASSA Insurance and International Insurance Company remain more cautious and prefer to date and no further details of its plans in the local market. The main barrier that could hinder the aspirations of both is the opportunity cost of investing $ 8 million to enter and compete in the supply of safe mixed. In the case of international companies, aspects such as efficiency and technology could reduce the cost of a machine as large and costly as the INS. From the Canal, efficiencies could be moved to users in savings premiums. Materialize from the entrance to Costa Rica the company marketed life insurance policies with dollar savings plans for the client. He also believes that there is business potential in covering fire. While in ASSA, the proposal would focus on life insurance, and export industry. These companies also analyze the network of local suppliers who need to work. Since health services, repair shops and financial intermediaries, among others. In the 1990s, the International Company for two years participated as a trading partner in the country and ASSA installed a "risk manager". A decade after the Panamanian companies retook their plans, which would not be alone as there is a possibility that the Mexican Qualitas land in the country over the medium term. It then announced an expansion plan in Central America whose primary destination was El Salvador, where last month opened its operations. This firm specializes in planning and coverage in the field of cars and trucks. In Mexico, the firm serves its customers 24 hours and 20.1% currently dominates the market, namely has about 1.3 million vehicles insured. The idea of the company is consolidating its market presence in El Salvador in Central America and later expand. The company is owned by The Bank of Nova Scotia, through its subsidiary Scotia Insurance (Barbados) Limited and Qualitas Insurance Company. "As a marketing strategy we aim to be a company specializing in addressing potential owners of light vehicles, and what is known as heavy-duty", the company explained in a press release to the Mexican Stock Exchange (BMV).The firm contends that its insurance business model is based on the expertise at the service and competitive rates. Source: La Republica Written by: Karen Retana Tuesday, December 16th, 2008 |
