34% more life insurance premiums where sold in the first six months of the year when compared to the same period of 2008.
The sectors with most growth, after life insurance, where fire (24.11%) and civil responsibility (24.8%).
"It is precisely in these types of insurance where prices rose the most", reports newspaper Prensa.com, "The only sectors where prices dropped are technical (-18.16%), multi risk (commercial, residential, -11.42%) and maritime hull (-11.47%)".
Policies taken out to July totaled $13.3 million, 49% less than during the same period of 2009.
"Industry sources attribute the drop to three factors: the main one is the effect of British American Insurance Company's bankruptcy but increases in the cost of policies and the fact that people are choosing cheaper coverage with less benefits are also mentioned," reports Edith Castillo for Prensa.com.
The country's insurance industry has started the year positively with growth above 15% in the first two months.
The insurance sector grew by 8.46% last year, reaching $918 million, meaning that if this year's trend continues the sector could be worth more than $1 billion by the end of 2011 according to the head of Panama's insurance regulator, Luis Della Togna.