Panamanian Insurance Sector to be Reformed

The Panamanian Association of Insurance Companies submitted a proposal for modifying the regulating law.

Friday, August 14, 2009

The most relevant topics in the proposal include accounting compliance with the International Financial Reporting Standards (IFRS), creation of a Consumer Protection agency for insurance clients, and control and prevention of money laundering.

"Government and Insurance companies are working in reforming Law 59, from July 29, 1996. This law regulates insurance and reinsurance activities in the country. It is regarded as out of date and out of touch with the global reality", reported newspaper Panamá América.

More on this topic

Insurance in Panama: Losses in Compulsory Insurance

February 2014

Compulsory car insurance for third-party damage has ceased to be a great growth opportunity and become a category of losses.  

When the enforcement compulsory car insurance policies came into effect seven years ago, it was assumed there it would generate good results, however, the reality is different. Losses in this category exceeded $15 million last year.

Insurance Market in El Salvador Not Taken Off

October 2013

In the last five years penetration of the insurance market did not reach even 2% of GDP because people see insurance as an unnecessary expense.

According to Richard Cohen, executive president of the Salvadoran Association of Insurance Companies (ASES), penetration of this market has the potential to grow up to four times in the next few years.

Changes in Nicaraguan Insurance Market

May 2013

Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.

The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector.

Insurance On Sale in Stores and Supermarkets

September 2012

The approval of a Law of April 12, 2012, allows the sale of insurance policies through what are called "alternative marketing channels."

The proximity to the final consumer will contribute to the generation of new products, said Carlos Berguido, executive director of the Panamanian Association of Insurers, "... it will generate" a much larger range of products. Any customer will be able to have a number of amazing products. "

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