Insurance Companies in Costa Rica

Following is the status of each insurance company.

(June 2011)

the "ex-monopoly", is by far the largest insurance company in Central America. Until 2009 it was protected by law as the only the only  insurance company allowed to operater in Costa Rica. It has over one hundred products approved by SUGESE in the lines of General Insurance (Auto, Fire, Liability, Theft, etc.) and Personal Insurance (Life, Medical, Accident,Workers´ Compensation, etc.) To meet competition in lines where there is now competition, premiums have been reduced, some products have recently been improved, and in general INS is smartening up the service provided.

in operation since 1920, was always the exception to the legal insurance monopoly because it only offers Personal Insurance products tailored to members of the teachers' unions.


(a world-class Spanish insurer) plans to offer a complete line of General Insurance products. They have been selling Auto insurance as of June 2010, but have not been able to get SUGESE´s approval for other policies. Their Auto insurance costs about the same as INS´s for cars up to 5 years old, but policy conditions are better. For cars 6-10 years Mapfre is slightly more expensive than INS. They will not insure cars over 10 years old, nor commercial vehicles. Customer service is excellent. Important: safe-driverdiscounts granted by INS carry over to Mapfre if the client changes insurer.

a well-regarded US based company subsidiary of MetLife, offers group Life and Medical insurance. They do not plan to offer individual products.



is offering group Life and Medical products. They expected to get SUGESE´s approval to offer individual policies in the first quarter of 2011.



a subsidiary of a solid Panamanian company with offices throughout Central America, offers General and Personal Insurance products. ASSA has 34 approved products. Their big seller is Fire and Natural Disasters insurance, where their product is similar to INS's, but cheaper – sometimes a lot cheaper. Like Mapfre, ASSA seems to want "the cream of the crop" and are quite picky about what they insure, rejecting applications where the buildings are close to a river, on a steepish hill, etc. In regard to Auto insurance, they will only handle corporate fleets.

an important Panamanian company, has its licencia de funcionamiento, but has not had any products approved by SUGESE. Initially they plan to offer Personal Insurance.



from Colombia, has not received authorization to sell any of its products, but has high hopes for June 2011 They plan to offer General Insurance and Personal Insurance.


a Mexican company specializing in Auto insurance, expects to come on stream in June 2011.



from Puerto Rico, plans to offer Personal Insurance lines. They still have not received their licencia de funcionamiento.



from Puerto Rico and the Caribbean, specializes in Personal Insurance. They have not received their licencia de funcionamiento.




  • Six insurance companies are licensed to operate and have products approved by SUGESE.
  • As things are going there will be eleven insurance companies in Costa Rica at the end off 2011.
  • One of these companies (Magisterio) offers personal insurance products tailored to the teachers´ unions.
  • One company (Istmo) is licensed to operate but has no approved products to offer.
  • Four companies have  received a licencia de funcionamiento and are in process of  getting  their products vetted by SUGESE.
  • Of the eleven, three (INS, ASSA and Bolívar) will offer General Insurance and Personal Insurance; two (Mapfre and Qualitas) will offer General Insurance exclusively; and six (Magisterio, Alico, PALIC, Istmo, Best Meridian and Atlantic Southern) will offer Personal Insurance.
  • The three big sellers are Auto insurance, Fire insurance and Medical insurance. Three companies currently can sell Auto insurance, two can sell Fire insurance, and three can sell Medical insurance although of those three two only offer group policies, and a single insurer, INS, offers individual coverage.

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