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.
โPan-American Lifeโs 98-year history and the groupโs experience throughout Latin America have played a fundamental role in this business development decision,โ CEO Josรฉ Suquet said. โExpansion into Costa Rica is a natural step that supports the companyโs geographic expansion and regional strategic plan.โ
Entry into Costa Rica โwill complete our total coverageโ in Central America, Suquet said.
Costa Rica recently approved a law authorizing private insurance competition. It is Central Americaโs second-largest insurance market behind Panama, according to Pan-American.
Upon receipt of authorization from Costa Ricaโs equivalent of the insurance commissionerโs 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.