Internacional de Seguros and ASSA are the industry leaders of a sector that netted $936 million in premiums in 2011, a 16% growth.
Five companies control the insurance market in Panama: Internacional de Seguros, ASSA, Mapfre Panamá, Assicurazioni Generali and Aseguradora Ancón.
The market leaders are Internacional de Seguros – a company that has been in the country for a hundred years – and ASSA, which controlled 17.98% and 17.09% of the market in September 2011, according to figures from the Superintendency of Insurance and Reinsurance of Panama as reported by Prensa.com. Both companies are followed by Mapfre Panama , with 12.47%, Assicurazioni Generali SpA, with 6.15% with Aseguradora Ancón with 8.71%.
The company signed insurance brokerage agreements with ASSA and Mundial, becoming the first broker who has signed deals with the country’s five authorized insurers.
“ASSA Compañía de Seguros S.A.”, was authorized to operate in Costa Rica on April 13, and Mundial received its authorization back on February 19.
With these agreements, “BCR Corredora de Seguros” will be able to sell insurance from various companies: National Insurance Institute (INS), Magisterio, Alico, ASSA and Mundial.
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.