Breaking the monopoly of insurance in the country would bring more growth to the market, because there are niches that are not well protected now, said Thomas Solely, mayor of Insurance.

What companies have shown interest to enter the country?

That have shown interest many, but only a national capital was formally made. We are studying the application. This company is ingrensado with the minimum capital required by law and would especializsada in personal insurance (the name can not be disclosed for confidentiality).

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What is now the situation of Insurance Superintendent?

The Superinterdent has been working two months to establish the administrative structure and human resource. We hope to be working with already established before the end of the first half of this year.

When is the expected arrival of strong companies?

We believe that companies would do their formal applications this month. There are companies that are located in the Central American market, others are outside the continent, mainly from Europe.

What would be the insurance that insurance companies cover most interesting?

Although Costa Rica has adequate levels in the region, much can be deepened. In personal insurance, the INS does not have a product that has suddenly entered the market a lot and then some of the companies are interested in focusing on that, but there are also many in the market niches that have not penetrated.

What are the expectations of growth in the insurance market?

The interesting thing about the opening, and we'll see ed in two or three years, which may reflect an overall growth of insurance coverage, rather than spread premiums that already exist. You can grow a lot, compared with the amount of premiums that currently exist. But I do not have a crystal ball to know exactly.

What is the flaw that had the insurance market with a monopoly?

The big flaw in the market before the opening is to protect the insured, because it is a problem when the entity that regulates and sells the product is a judge at the same time.

Source: La Republica
Written by: Natasha Cambronero
Wednesday, January 7th, 2009