Micro-insurance Companies for Low-income Sectors
For the past year Panama's insurance regulator has been reviewing how to create a micro-insurance market.
Tuesday, August 24, 2010
Luis Della Togna, head of the insurance regulator, discussed the idea but gave no indication of when micro-insurance companies could be introduced into the market.
The venture is in micro-markets with products costing up to $30 per year and with compensation ranging from $10 thousand to $15 thousand.
The passing of the bill – which has already been agreed upon - would allow the development of the micro-insurance market and new distribution channels.
Insurers claim that the market has been unable to grow due to the excessive number of arrangements to be made to register a channel for marketing products.
In Central America microinsurance coverage is minimal, with rates well below the rest of Latin America.
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