New Orleans-based Pan-American Life Insurance Group announced Wednesday that it has filed a request for authorization to enter the Costa Rican market.
The company already is doing business in Central America, with offices in El Salvador, Guatemala, Honduras and Panama.
“Pan-American Life’s 98-year history and the group’s experience throughout Latin America have played a fundamental role in this business development decision,” CEO José Suquet said. “Expansion into Costa Rica is a natural step that supports the company’s geographic expansion and regional strategic plan.”
Entry into Costa Rica “will complete our total coverage” in Central America, Suquet said.
Costa Rica recently approved a law authorizing private insurance competition. It is Central America’s second-largest insurance market behind Panama, according to Pan-American.
Upon receipt of authorization from Costa Rica’s equivalent of the insurance commissioner’s office, Pan-American has plans to prepare and file a customized portfolio of products, including individual life and health insurance, as well as group life, accident and health insurance.