Costa Rica approves first insurer after lifting INS monopoly

New insurers have been slow to apply for authorisation • Guatemala’s insurers report 10% increase in premiums • Nicaragua reverses underwriting loss to $1.8mn profit • Cesce sets target for Chile unit • Peru’s insurers expect 10% growth in 2009 • Surco forms alliance with Cooperativa de Seguros • Premiums up 11% in Venezuela • Allianz looks for regional growth

Costa Rica has received its first licence application for a new insurer to compete with the former state monopoly insurer INS since the market opened to newcomers.