Willis of England gains Panama Canal insurance contract

The Panama Canal Authority has signed a 695,000-dollar contract with Willis Limited of England for brokering the insurance arrangements for the broadening of the aquatic waterway.

Friday, July 25, 2008

The winning firm offered the lowest price in the bid carried out last week, in which five companies competed, the canal authority reported.
With the seven-year contract, the broker will look after insurance needs and will administer any claims arising from the construction of the new locks as well as the final excavation of the access basin on the Pacific side.
The 5.25 billion dollar expansion is slated for completion in 2014.

More on this topic

Good Prospects for Insurance Companies

May 2012

A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.

From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":

The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth.

Panama: Insurers Benefit from Canal works

May 2011

In premiums alone, $990 million has been paid to the insurance industry.

The Panama canal expansion is having a significant effect on the country's economic activity, and the insurance industry is no exception.

Risk policies, liability and marine contingencies among others, are part of the insurance package valued at $ 11.1 million that the Canal Authority pays annually.

Costa Rica: More Choice for "Easy" Insurance

April 2011

There are ever more alternatives for easy subscription insurance policies in the country.

The opening of the Costa Rican insurance market has not only increased the number of companies offering policies, it has also widened the range of products available to Costa Ricans.

British firm leads bidding for Panama Canal insurance contract

July 2008

Five firms presented the Panama Canal Authority with bids for a contract to provide an insurance corridor on three contracts in the program to increase the canal's capacity.

Willis Ltd., of the United Kingdom, presented the lowest bid, US$695,000, followed by Marsh USA with US$825,525. The other bids were received from Jardine Lloyd Thompson of the UK, Arthur Gallagher & Co. of the US, and AON Global of Mexico.

 close (x)

Receive more news about Business and Investment

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


ATENAS: 13 HA, 1.5 KM from Highway 27, US$ 11/m2

Prime Lake Front Real Estate near San Jose, CR Now Available for Development, an extraordinary commercial real estate opportunity.
A lush 32 acre/13 hectare plot located just West of the...

Stock Indexes

(Jul 26)
Dow Jones
0.45%
S&P 500
0.03%
Nasdaq
0.16%

Commodities

(Jul 27)
Brent Crude Oil
51.100
Coffee "C"
139.25
Gold
1,261
Silver
16.68