AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Market Report: Latin America - A fair trade - Costa Rican market opens up.
(From Reinsurance)
Costa Rica's insurance market will be opened up to US insurers once the country's congress ratifies its entry to the Central American Free Trade Agreement (Cafta).
Cafta was set up in December 2003, and is made up of the US, Guatemala, Honduras, El Salvador and Nicaragua. Like the North American Free Trade Agreement, Cafta aims to abolish almost all trade barriers between member states. The Costa Rican government pulled out of the initial talks last year, but then finally joined Cafta at the end of January after intensive negotiations. However, the agreement is still highly controversial.
Costa Rica's insurance market is the only one in Latin America that is still a state monopoly, with all insurance being handled by government insurance company INS.
Under the terms of Cafta, Costa Rica has committed itself to opening up the majority of its insurance market by 1 January 2008, with full opening by 1 January 2011. US companies will be able to open branches, joint ventures and 100%-owned subsidiaries within Costa Rica.
The new agreement has already had an affect on the Costa Rican insurance market, when President Abel Pacheco announced that proposed legislation that would have set up a regulatory agency for INS was being withdrawn.
The legislation would have clashed with Cafta as it would not have provided the faculties to regulate the private sector insurers that will enter the market in 2008.
- NAFTA may expand entire Latin American mkt. (insurance market) (North American...
- Magazine article from: National Underwriter Property & Casualty-Risk & Benefits Management Jennings, John February 21, 1994 700+ words
...approval of the North American Free Trade Agreement should be viewed as a "victory...quite limited." He said the entire insurance market totaled just $18.5 billion in written...and Nicaragua, is proposing a free trade agreement and is still under negotiation. At...
- A&A COO PREDICTS RAPID GROWTH OF MEXICAN INSURANCE MARKET; FORMALIZES...
- Press release article from: PR Newswire January 18, 1994 700+ words
...business leaders. White noted that the three member countries of the North American Free Trade Agreement represent the largest regional insurance market in the world, accounting for 40 percent of world insurance premium. Of the three, White...
- U.S. COMPANIES FORM PARTNERSHIPS WITH MEXICAN FIRMS TO GAIN ACCESS TO MEXICAN...
- Magazine article from: SourceMex Economic News & Analysis on Mexico September 8, 1993 700+ words
...Mexican firms to take advantage of the potentially lucrative Mexican insurance market and the business opportunities that may be created by the North American Free Trade Agreement (NAFTA). According to the Journal of Commerce, US companies...
- The global market: many are called; a few can answer. (international insurance...
- Magazine article from: National Underwriter Property & Casualty-Risk & Benefits Management Jennings, John December 19, 1994 700+ words
In terms of the so-called global insurance market now taking shape, 1994 was a year of vitality. For instance, the North American Free Trade Agreement among the United States, Canada and Mexico was activated Jan. 1 and six months later the...
- U.S. seeks deregulation by Japanese.(of domestic insurance market)
- Magazine article from: National Underwriter Property & Casualty-Risk & Benefits Management Brostoff, Steven March 4, 1996 700+ words
...over access to its insurance market. According to a...adopted as part of a trade agreement between the United...sectors of the Japanese insurance market. The first sector...the U.S.-Japan Trade Agreement between the ability...
- U.S.-Japan Agreement Critical to Liberalization of Insurance Market
- Newspaper article from: U.S. Newswire March 29, 1996 700+ words
...the U.S.-Japan Trade Agreement, forcing foreign insurers...expert in the Japanese insurance market, the second largest insurance market in the world is Japan...billion. Japan's life insurance market is the world's largest...
- Look south of the border. (Mexican insurance market) (Editorial)
- Magazine article from: National Underwriter Property & Casualty-Risk & Benefits Management October 5, 1992 700+ words
...negotiated North American Free Trade Agreement mill prove beneficial for all...of its share of the global insurance market, Mexico is relatively small...S. borders. If the free trade agreement is implemented, U.S. trade...
- In brief.(News)(Hurricane Catastrophe Fund arranging for Berkshire Hathaway...
- Magazine article from: Business Insurance July 7, 2008 700+ words
...lawmakers last week passed legislation opening the country's insurance market to competition. President Oscar Arias is expected to sign...its monopolies in order to join the Central American Free Trade Agreement....Catherine J. Weatherford, the top administrator...
