Spanish insurance giant Mapfre will begin selling auto insurance in Costa Rica by the end of the month, local general manager Alvaro Castro told BNamericas.

Although the company is registered as Aseguradora Mundial, it will be rebranding itself Mapfre Costa Rica since the Spanish insurance group recently purchased 65% of parent company Grupo Mundial’s Central America operations.

Castro said that US$9mn has been invested in setting up operations in Costa Rica, and that the company sees immediate opportunity in vehicle ownership that is growing “almost exponentially.”

“Our focus will be on individuals; middle class and higher,” Castro said, though the company will also be offering products to corporations.

Castro said Mapfre plans to have all its “general” (fire, maritime, credit cards, disaster, etc.) insurance products on the market around the middle of the year, and will be entering the life, health and personal injury markets by the end of the year or the first quarter of 2011.

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