|
Tuesday 05 August
2008, San José, Costa Rica
INS Aims For At Least
20% Premium Growth This
Year
By Maria Alejandra
Moreno, Business News
Americas
Costa Rica's Instituto
Nacional de Seguros
(INS) is aiming to grow
its written premiums at
least 20% this year to
finish 2008 with some
US$610 million,
Guillermo Constenla,
executive president of
the state-run insurer,
told BNamericas.
"Things are looking good
so far," Constenla said,
adding premiums for the
first five months were
up around 30% on the
same stretch of 2007
thanks to improved
client service and
marketing efforts.
Achieving premium growth
of 20% is one of the key
points of INS's
strategic plan for
preparing for and
competing in an open
market, said Constenla,
who heads what is
Central America's
largest insurer.
In July, President Óscar
Arias signed a law
authorizing the opening
up of the insurance
market, ending an
84-year monopoly by INS.
This was one of the
requirements of the
Central America and
Dominican Republic free
trade agreement with the
US (Cafta-DR), signed by
Costa Rica in October
2007.
Other key points of
INS's strategic plan
include broadening its
product offering,
increasing the share of
life insurance premiums
in total premiums and
achieving international
expansion.
INS reported written
premiums of ˘254 billion
colones in 2007, a 22.5%
rise over 2006,
according to the
company's 2007 financial
statements. |
