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COSTA RICA |
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Pan-American Life Insurance Seeks Entry Into
Costa Rica
The
Pan-American Life Insurance Group (PALIG), a
provider of insurance and financial
services, has announced that it has filed a
request for authorization to enter into
Costa Rican Market.
The company has said that upon receipt of
authorization from the Superintendencia
General de Seguros - Costa Rica's equivalent
of the insurance commissioner's office,
Pan-American Life plans for preparation and
filing of a customized portfolio of
products, including individual life and
health insurance, as well as group life,
accident and health insurance.
Jose Suquet, chairman of the board,
president and CEO of Pan-American Life,
said: “Expansion into Costa Rica is a
natural step that supports the company's
geographic expansion and regional strategic
plan. As an insurance industry leader in the
region, ranked number 1 by collective market
share in life and health insurance, entry
into Costa Rica will complete our total
coverage in the region - while underscoring
our commitment to central America.”
Eugenio Magdalena, executive vice president
of international markets, Pan-American Life,
said: “The Costa Rican insurance market is
ready for substantial expansion. The growth
potential is overwhelmingly evident when
considering that Costa Rica's close
neighboring personal insurance market,
Panama, is almost four times greater in
terms of premiums, even though both
countries per capita GNP are similar, with
Costa Rica roughly having one million people
more than Panama.” |
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