As a part of its expansion plans all over the central America region

Pan-American Life Insurance Group (PALIG), a provider of insurance and financial services, has announced that it has filed a request for authorisation to enter into Costa Rican Market.

The company has said that upon receipt of authorisation 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 customised 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.”