Life Insurance Policies Down 49% in Panama

Policies taken out to July totaled $13.3 million, 49% less than during the same period of 2009.

Monday, September 27, 2010

"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

Between January and July, the number of policies taken out has risen and fallen, with the largest drop of 83.3% seen in July.

More on this topic

Insurance Grows 22% in Panama

September 2009

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

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

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, "The only sectors where prices dropped are technical (-18.16%), multi risk (commercial, residential, -11.42%) and maritime hull (-11.47%)".

BAC Costa Rica Offers Low Cost Life Insurance

July 2010

The policy offered by the bank requires no medical exams and is easy to obtain.

Another characteristic of this kind of policy is that there is no need to renew it every year and it covers natural and accidental death, total or permanent disability due to accidental causes and funeral expenses.

Panama: New Taxes on Insurance Policies

September 2009

Surety bonds and collective and life insurance will be taxed 5%.

These new impositions are part of the fiscal adjustment law, and would increase the State's revenue in $11 million.

"Salvador Morales, executive vice president of Suramericana Insurance, argued that these changes are a 'hard blow' for the owners of life insurance, which plays a social protection role for families", reports

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Aseguradora Ancón

Organization that operates in Panama.
Phone: (507) 210-8787

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