Authorities from Mafre Foundation presented a study about trends in growing markets in Latin America and Costa Rica and it predicted an improvement in the insurance sector.
According to Manuel Aguilera, director of Mafre services, Costa Rican market is consolidating because more companies are participating and investing on it. In addition, market opening has had a great importance.
The opening process has been complex and in a long term what we see is that the National Institute of Insurance (INS) will have to compete on equal terms as the private insurers. Consumers will be greatly benefited because they will have better prices and a wider range of licensed products,
explained Aguilero.
The Superintendent of Insurance, Tomas Soley, said they could not confirm the growth figure given by Mafre because the accounting figures were changed last year, but as it has been reported, the market is growing fast and it is well above inflation.
Currently, there are about 160 products on the market and 13 insurers are growing or having more participation than others.