Interoceánica says auto insurance sales up 85 percent

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.

Monday, June 9, 2008

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

More on this topic

Yellow Light for Car Insurance

October 2012

In Panama statistics up to the month of July 2012 show an increase of $63 million in motor vehicle claims, which means an increase of 22% compared to July 2011. reports that "The latest figures from the Transit Authority and Land Transport (ATTT) account for more than 20,000 traffic accidents in the first seven months of the year, and insurance companies are concerned because this means a possible reduction in profit margins exclusively in the industry’s car insurance branch this year. "

"Seguros Suramericana" Presented in Panama

August 2009

"Interoceánica de Seguros", an insurance company, launched a new corporate identity, and is now called "Seguros Suramericana".

"Interoceánica de Seguros" has been a property of Colombian group "Grupo de Inversiones Suramericana" for the past 11 years.

"The insurer's strengths in Panama are the vehicle and life insurance markets, with a 11.9% and 6.9% share respectively", said Salvador Morales Baca, general manager of Seguros Suramericana in Panama.

Panama: Less Growth in the Insurance Sector

June 2009

During the month of April, growth in new premiums was 4.47%, while it was 27.36% during the same period of 2008.

According to estimates by the Superintendencia de Seguros y Reaseguros de Panama, the accumulated growth for the first quarter of this year shows a gain of 9.02%.

The Antioqueño Business Group seeks to expand in Panama

February 2009

Suramericana de Inversiones, from the Antioqueño Business Group, could increase its share participation in Interoceánica de Seguros, its competitor. reports on its website: "The biggest industrial conglomerate in Colombia, the Antioqueño Business Group, has decided to deal with the international crisis by making acquisitions.

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