Premiums rose by 9.5% in 2009 and 8.5% in 2010, reaching $ 918 million in total.
Insurance rating company A.M. Best published a report on the insurance sector in Panama, highlighting it as the largest in Central America and noting also that significant growth is expected in the coming years, supported by increased tourism, construction and Panama's efforts to implement transparent financial and tax laws.
Panama’s insurance industry grew from 17 participants two years ago to 27 today, and $850 million in insurance policies.
An update to Panamanian insurance legislation has been discussed for the past 8 years. Talks are currently being held between insurers and regulators to modify Law 59 of 1996, the one currently in force in a growing, competitive insurance market.
The Panamanian insurer will sell auto insurance for individual vehicles and corporate fleets.
Sugese, Costa Rica’s insurance superintendence, granted “Mundial Costa Rica” an A0-3 license, which enables it to sell insurance products to cover losses in damages to items, animals, plants or capital.
“Alvaro Castro, company manager, commented that the license is a first step, and that they are currently training salespeople”, reported Elfinancierocr.com.
The Panamanian Aseguradores Association (APADEA), is a non-profit organisation, that was created in 1952 with the objective of developing, enlarging and coordinating the activity of the insurance market throughout Panama.
Operates in Panama
Phone: (507) 225-4445