Insurance Grows 22% in Panama

In July, written premiums were $78 million, 22% more than the same period of 2008.

Thursday, September 17, 2009


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Such growth was mainly fueled by individual life insurance (first year), which grew 143%, as it had happened last May.

"According to sources from the industry, the growth of life insurance (first year), is driven by a single company, who is selling in the market this nontraditional product", reports Prensa.com.

More on this topic

Life Insurance Increases 34% in Panama

August 2009

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%)".

Life Insurance Policies Down 49% in Panama

September 2010

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.

$1 Billion to Be Raised by Panamanian Insurance Industry

April 2011

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.

Panama: Insurance Sector Grows by 16%

June 2011

In the first four months of this year $349 million worth of premiums have been signed.

The growth in premiums was overshadowed by a large increase in claims, which grew by 20% in the aforementioned period.

One of the sectors with the largest increase in claims is fire, which reported an amount of $108 million between January and April.

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