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.

More on this topic

Profits for the insurance sector grow by 17% in El Salvador

August 2008

Insurance companies have reported positive results for the period from January to June of this year.

Pedro Geoffroy, president of the Salvadoran Association of Insurance Companies (ASES), explained that despite the tough economic environment there was an increase of 11.7% in premiums, that is, the amount of insurance policies the companies manage to sell in the market.

Panama insurers report 31 percent increase in first-quarter premiums

May 2008

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.

Mauricio De la Guardia, president of the Panamanian Insurance Association, said the rate of growth was likely to be maintained in the second quarter as well.

Interoceánica says auto insurance sales up 85 percent

June 2008

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.

Salvador Morales Baca, the company's general manager, said auto insurance was a risky though profitable business.

Panama 2013: Insurance Was Not Good Business

December 2013

Industry participants predict a year-end in the red because of a sharp increase in claims for losses. reports: "Although total premiums up to October 2013 was $976 million, with growth in the sector of 9.6% compared to the same period last year, the directors of the Panamanian Association of Insurers (Apadea) predict that at the end of the year there will be a loss. "

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ISP Seguros

Organization that operates in Panama.
Phone: (507) 2023140

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