Sectorial Protocol for Responsible Business Conduct in the Insurance financial sector in Costa Rica and Panama


Basic information of the project

  • Implementing organizations: Business Alliance for Development (AED) and Sumarse
  • Implementation countries: Costa Rica and Panama
  • Implementation period: 06/2021 to 04/2022

Objective of the project

Companies in the insurance sector of Costa Rica and Panama collectively built a responsible business conduct protocol accompanied by a freely accessible toolbox, with the aim of managing their businesses responsibly and sustainably and thus contributing to sustainable development.

Both the protocol and the toolbox are an instrument to train professionals in the sector and serve as a repository of knowledge on Responsible Business Conduct.

The toolbox is free to access and is made up of 3 modules that will allow professionals in the sector to learn about how Environmental, Social and Governance (ESG) factors represent opportunities for their organization and also risks in case of not be managed from within the business strategy. The project has also provided recommendations on how to incorporate best practices. In addition, the toolbox provides instruments so that companies can delve into the most relevant ESG issues for the sector.

Main achievements and activities

– In Costa Rica:

  • A cooperation agreement between AED and the insurance superintendence SUGESE for the development, promotion and approval of the sectoral Protocol was signed. 
  • 30 companies and organizations participated in the co-creation process of the sectoral Protocol for responsible business conduct.
  • Sectoral protocol for responsible business conduct built, validated and approved through collective construction sessions
  • 21 companies signed the Protocol, committing to its implementation.
  • A work instance and between the signatory companies that holds periodic sessions to monitor the implementation of the protocol, support companies and report progress, in addition to exchanging good practices was created. This makes it possible to ensure the sustainability of the initiative.
  • The Association of private insurers was established as the executive secretariat of the working group and they have the advice of AED.
  • Exceeded 85% satisfactory ratings by the participants in the co-creation workshops.
  • Designed and uploaded to the Integrarse virtual course platform, a Toolbox for business conduct in the insurance sector.
  • Presentation workshop of Caja Herramientas in conjunction with Panama to companies and organizations in the sector.

– In Panama:

  • 6 companies from the Panamanian insurance sector sensitized and trained on issues of responsible business conduct; due diligence and human rights; ESG risk factors; material matters. These companies represent 61% of the sector in Panama.
  • Signed the cooperation agreement between the Superintendence of Insurance and Reinsurance of Panama and Sumarse, for the implementation of the project.
  • 90% of the participants in the training workshops answered the satisfaction survey and 100% of them rated the workshops as satisfactory.
  • The ESG risk matrices and material issues of the insurance sector in Panama have been validated.
  • Designed and presented the Sectorial Protocol for the RBC of the insurance sector in Panama.
  • Communication and awareness campaign launched on the main results of the project in Panama and statements from allies and participating companies.
  • Developed the joint workshop for the presentation of the Toolbox for the sustainability of the insurance sector in Costa Rica and Panama.
  • Involvement and commitment of the regulatory entity in Panama: Superintendency of Insurance and Reinsurance of Panama (SSRP); and the union: Panamanian Association of Insurers (APADEA).
  • Promotion of articulated sectoral work and the generation of alliances to maximize the contribution of the Panamanian insurance sector to the sustainability of the country, through voluntary work groups to monitor the protocol.

The project in images

 Project video