"Some of the most issued premiums from January to September 2010 were bonds, which captured 67.4 million dollars, a 89% increase from last year, followed by multi risk insurance products..." reported La Estrella.
Premiums rose by 9.5% in 2009 and 8.5% in 2010, reaching $ 918 million in total.
Insurance rating company A.M. Best published a report on the insurance sector in Panama, highlighting it as the largest in Central America and noting also that significant growth is expected in the coming years, supported by increased tourism, construction and Panama's efforts to implement transparent financial and tax laws.
Panama’s insurance industry grew from 17 participants two years ago to 27 today, and $850 million in insurance policies.
An update to Panamanian insurance legislation has been discussed for the past 8 years. Talks are currently being held between insurers and regulators to modify Law 59 of 1996, the one currently in force in a growing, competitive insurance market.
During the first quarter of this year, the sum of the premiums of Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá was around $198 million.
This ranking of premiums prepared by the Superintendency of Insurance and Reinsurance of Panama, shows that Assa Compañía de Seguros comes first in the list with $80.3 million (20.18% market share), followed by Compañía Internacional de Seguros, with $65.3 million (16.41%) and Mapfre Panama in third place with $52.3 million and 13.13% of market share.
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