Insurers Pan-American Life Insurance Group Inc. and BlueCross BlueShield are increasing their presence in Costa Rica as they seek greater market penetration in the life and health insurance fronts, El Financiero reported.
Pan-American recently opened new offices in the Costa Rican canton of Escazú located in the province of San José, with an investment of $3.6 million.
Meanwhile, BlueCross BlueShield has launched new products including a collective plan of medical expenses and a compensation policy for cancer and other diseases, the report noted.
Premiums in the life and health segments in the Costa Rican insurance market amounted to $282.7 million as of October. Despite growth dynamism in these lines, they only account for less than 2% of the country's GDP, the publication said.
Pan-American expects to exceed $55 million in health premiums by end-2017. In 2018, the insurer reportedly plans to begin its expansion outside San José's Greater Metropolitan Area as it establishes operation centers in different regions.