Costa Rica Insurance Market News and Information

US Firm Admits Bribing INS Officials

The world's leading insurance, reinsurance and and risk consultant has settled out of court with the Securities Exchange Commission (SEC) and the U.S. Department of Justice (DOJ), admitting the company bribed officials of the National Insurance Institute (INS),

Besides Costa Rica, Aon corporation admitted paying out some $3.6 million in bribes to officials in Egypt, Vietnam, the United Arab Emirates, Indonesia, Myanmar and Bangladesh. Under plea agreement, the firm paid out $16 million in fines to DOJ and SEC.

Costa Rica Insurance Market Evolution 2011

On December 21st the Insurance Superintendency (SUGESE) held a press conference regarding the state and evolution of the insurance market in 2011.  2010 was the first real year that consumers were provided a choice of providers for their insurance needs, and 2011 was the first year that many of these providers were able to implement their strategies for the Costa Rican market.  Below is a synopsis of information presented by the Superintendent, Javier Cascante, in the conference.

Obligatory Vehicle Insurance Rates Set

The SUGESE this week set rates for the obligatory vehicle insurance and the annual marchamo tax was due and payable at financial service centers throughout the country, as well as at the INS web site http://www.ins-cr.com/ A check on Thursday showed that the amount due for a vehicle could be reviewed on the site.  The average rate increase by 43% percent as compared to 2011.

US-Based Firm Acquires ALICO

The New Orleans (USA) based PanAmerican Life Insturance Company (PALIG) has announced an agreement this week to acquire selected assets and businesses from MetLife, including the latter's American Life and General Insurance Company (ALICO) operations in Costa Rica and Panama.

Other units to be taken over by PALIG cover Trinidad & Tobago, the Barbados, Cayman Islands, the majority of the Leeward and Windward Islands in the Caribbean.