Costa Rica 2013 Blog: Panel – Impact on the Country’s Competitiveness: The Opening of the Insurance Market

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Costa Rica’s Vice Minister of Foreign Trade Fernando Ocampo moderated a panel on the country’s competitiveness within the insurance market.

Speakers:

  • Alfredo Ramírez, CEO, Pan American Life
  • Tomás Soley, Superintendent, General Superintendence on Insurance
  • Said Breedy, Associate, Insurance Practice, BLP Lawyers
  • Fernando Ocampo, Vice Minister of Foreign Trade of Costa Rica (Moderator)

Vice Minister Fernando Ocampo discussed with speakers what the opening of the insurance sector has meant for the country's overall competitiveness.

Pan American's Alfredo Ramírez pointed out that his company's CEO emiritus played a key role in the negotiations of CAFTA-DR, demonstrating the importance of the accord to the industry's growth. The sector has grown in quality and offerings, he said, leading to price savings of 50 percent and improved benefits for the consumer. Superintendent Tomás Soley commented on the fast opening of the insurance market, saying CAFTA-DR allowed for transparent regulations and flexible laws. Five years ago, the insurance industry accounted for 2 percent of GDP, and while that figure remains the same, "it's a very different 2 percent," said Soley. BLP Lawyers' Said Breedy also opted to take a pre- and post-CAFTA-DR view of the sector, noting that the accord has brought the industry in line with international norms. He added that the sector has become dynamized, evolving into one in which insurance companies offer more versatile policies and can offer the best plans for each consumer. 

Watch the remarks (en español):