Sol Property Group Real Estate Blog (Costa Rica, Belize, Nicaragua, Panama)

The General Insurances Superintendecy (Superintendencia General de Seguros (SUGESE), formalized the request to credit “Aseguradora Mundial” as the first private insurance company in the country.
 
SUGESE´s resolution was published in the Registro de Aseguradoras, in its official page:  www.sugese.fi.cr .

The registration with the General Insurances Superintendency  allows Aseguradora Mundial S.A. to operate in the category of general insurances, with the license number A03.

Aseguradora Mundial Costa Rica, is part of the Mapfre conglomerate, which will enter the market with its product MUNDI AUTO, a policy aimed to those interested in insuring their vehicle or companies who want to ensure their fleets.

In a short term, Aseguradora Mundial will offer, once the policy is approved by SUGESE, car insurances and then will make offers for fire insurance, among others.

This is the first foreign insurance company to  begin the process of operating in Costa Rica. The insurance market has been controlled 100% by INS - a Costa Rican government approved monopoly up until this point. This stranglehold on the insurance market was broken up with the passing of the CAFTA/TLC Vote in October 2007. CAFTA/TLC's passing, by a referendum vote, opened up the insurance markets, the telecommunications markets and influenced the patents/technology sector most. Compared to the United States INS' rates are considerably higher. 

Source: www.thesjopost.com