Products in the category of life, accident and health lead the 6% increase in premiums seen in the first three months of the year compared with the same period in 2013.
Total premiums paid in the first quarter amounted to $42 million, of which 37.4% were for first party car insurance, 21.0 % for fire insurance and associated lines, 19.09 % for life insurance (individual and collective) and the remaining 6.01 % for health insurance.
A law intends to attract reinsurance companies, by giving them the same benefits enjoyed by the Headquarters of Multinational Corporations.
The information was confirmed by the Panamanian superintendent Luis Della Togna, who added that the project could be ready before the end of the year. He also explained that the aim is to leverage the competitive advantages offered by Panama and have a law that addresses the latest trends in supervision and regulation on this topic.
The venture is in micro-markets with products costing up to $30 per year and with compensation ranging from $10 thousand to $15 thousand.
According to Luis Della Togna, Superintendent of Insurance and Resinsurance in Panama (SSRP), "the idea is to launch low-cost products in order to generate a micro-culture among the middle and lower classes."
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.
This ranking of premiums prepared by the Superintendency of Insurance and Reinsurance of Panama, shows that Assa Compañía de Seguros comes first in the list with $80.3 million (20.18% market share), followed by Compañía Internacional de Seguros, with $65.3 million (16.41%) and Mapfre Panama in third place with $52.3 million and 13.13% of market share.
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. The company following them is Instituto Nicaragüense de Seguros y Reaseguros (Iniser) with 26.4%, ASSA Compañía de Seguros SA with 18.9%, Seguros Lafise with 17,5% and Mapfre Nicaragua with 7,8%.
Insurers paid $133 million to their customers during the first quarter of 2013, $47 million more than in 2012.
"The biggest financial outlays occurred in the lines of auto, health and fire, $29.7 million, $28 million and $16.3 million respectively," noted an article in Laestrella.com.pa.
As for companies, ASSA is a leader in the insurance market, having 20.22% of the sector, followed by Compañía Internacional de Seguros with 16.43% and in third place is Mapfre Panamá, S.A. with 12.79%.
With the amendment of Law 63 of 1996 it is intended that international reinsurers will invest in the country making it a hub for the whole continent.
According to Luis Della Togna, Superintendent of Insurance and Reinsurance of Panama, a draft has been drawn up which amends the law and thereby strengthens supervision, control and regulation of the sector. At the moment approval is being sought from those involved in the sector to then present it to the appropriate authorities before the end of the year.
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