Scotiabank to Enter Insurance Market

A contract signed last week between Scotiabank Costa Rica and the National Insurance Institute (INS) means that the Canadian bank is entering the insurance market in Costa Rica. Signed on Oct. 11, the contract gives Soctiabank the right to sell INS policies.

In signing the contract, Scotiabank joins 10 other private and public banks selling insurance through the Insurance Insitute’s BancaSeguros division, which since its founding in 2001 has sold more than 72,000 policies and done some $2.2 billion in business.

Scotiabank will initially offer credit card insurance policies, but Scotiabank Costa Rica CEO Luis Liberman said the bank is also interested in selling home insurance and car insurance in the future.