Reporter María De Gracia writes in her article on the website Pa-digital.com.pa, that “growth during the first quarter of this year is around 11% due to the shrinking of the economy.”
As of April 2009, the insurance field in Panama has 27 competitors. Just in 2008, the Panamanian Superintendency of Insurance and Reinsurance authorized operating licenses to 11 insurance and reinsurance companies.
Among the new companies in the sector are: "Banesco Seguros, Seguros Constitución, Eastern Pacific Insurance Company, Premier Seguros International, and Global Property and Surety."
Fitch Central America published a special report called "Central American Insurance Sector: Performance in the First Half of 2009 and Outlook for 2010".
Despite the economic contraction of Central American economies in the first half of 2009, the region's insurance industry grew 3% (excluding Panama) when compared to the same period of 2008, reaching $928.1 million in net premiums.
The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.
The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).
The Panamanian insurer, owned by regional conglomerate Grupo Mundial, would operate in Costa Rica in 4 months.
As the insurance market opens in Costa Rica, Sociedad Aseguradora Mundial S.A. is the first foreign capital company to be authorized by the Pensions Superintendence (Supen, spanish acronym) to compete with the state's "Instituto Nacional de Seguros" and "Sociedad de Seguros del Magisterio" the first Costa Rican competitor.
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