Big increase in claims threatens profits of insurers in Panama
Insurance claims rose by 62.22 percent in the first five months of this year in Panama compared with the same period of 2007.
Wednesday, July 2, 2008
Insurers face difficulties that are likely to be reflected in lower profits. The increase in claims is being blamed on an increase in crime, poor fire prevention in the Colón Free Zone and an increase in the cost of medical services.
Insurance companies have reported positive results for the period from January to June of this year.
Panama-based insurance companies wrote US$236 million in premiums in the first quarter, a 31 percent increase on the same period of last year.
Panama's Interoceánica de Seguros reports that its auto insurance sales have increased by 85 percent so far this year compared with the same period of 2007.
Industry participants predict a year-end in the red because of a sharp increase in claims for losses.
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