Panama Insurance companies in the middle of strong competition
So far this year seven new companies have entered the country. Four are already set up and have plans for 2009, but making a name is no easy feat.
Wednesday, December 3, 2008
Eastern Pacific Insurance Company, Banesco Seguros and Seguros Constitución are all companies with Venezuelan capital. Permier, another company which already has a license to operate, and BBA Corp. (which just got its license) are also from Venezuela. Joining this group is the Multinacional de Seguros which just bought Ancon Insurance. Ace will be the only of the nine companies that is from the United States.
Pan American Life and Assa accumulate 6% of the market, reporting up to May 2013 accumulated income of $12 million.
Best Meridian Insurance Company (BMI) has entered the market by acquiring the license to operate from Aseguradora Mundial-Colectivos Empresariales.
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.
The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.
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