Technical policies reported growth of 15.3%, followed by life insurance which achieved an increase of 14.3%, fire insurance and allied lines with 13.3% and health insurance with 10.8%.
From a statement issued by the Panamanian Association of Insurers (Apadea):
The Panamanian insurance market closed last year with growth of 8.1%, with a lot of challenges to face in 2015 such as promoting 100% penetration for policies, sufficient development in rates and more personalized underwriting.
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.
Surety bonds and collective and life insurance will be taxed 5%.
These new impositions are part of the fiscal adjustment law, and would increase the State's revenue in $11 million.
"Salvador Morales, executive vice president of Suramericana Insurance, argued that these changes are a 'hard blow' for the owners of life insurance, which plays a social protection role for families", reports Prensa.com. "He added that construction industry and bank debtors with collective policies will also be affected by these tax changes".
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