The government is analyzing taking out insurance against natural disasters and one option is a policy for specific areas by province, depending on the degree of vulnerability to events such as earthquakes or floods.
Insurance against damage to third parties and a single registration for each unit are part of the announced amendments to the regulations on heavy transport in the country.
In 15 days reforms could take effect which include fining drivers instead of the companies that own the vehicles. In addition, employers must provide drivers documentation in order to hold them accountable in case of possible accidents.
Two years after the amendment to the Law of the sector, the insurance market covering risks for short periods at low costs has been consolidated.
Banks and supermarkets are some of the outlets that insurance companies use to market a product that has established itself as a commercial operation with a low risk for insurers.
"The results of the implementation of Law 12 of April 3, 2012 are apparent to Jorge Barreiro Troitiño, corporate vice president of Nacional de Seguros, who said that just after 2012 the number of customers the company has increased by 50%, reaching 80,000 customers. "
Industry participants predict a year-end in the red because of a sharp increase in claims for losses.
Prensa.com reports: "Although total premiums up to October 2013 was $976 million, with growth in the sector of 9.6% compared to the same period last year, the directors of the Panamanian Association of Insurers (Apadea) predict that at the end of the year there will be a loss. "
With an initial investment of $5 million the Venezuelan company La Regional de Seguros started operations in Panama under the name Estarseguros.
Martesfinanciero.com reports that "Estarseguros is the name of the first branch in the Panamanian market of the Venezuelan insurer La Regional de Seguros , which started operations from the month of November."
The Central Bank of Honduras is putting out to tender a policy against fire and related lines to protect the infrastructure and content of houses financed by the Plan for Social Assistance, in the amount of $39.1 million.
The insurance firm Assa has gained ground focusing on selling insurance to companies, and among the new participants in the market, it has obtained the best results.
Figures from the Superintendent of Insurance (SUG), reveal that for December 2012, Assa Insurance Company had the highest revenue from premiums of all the private firms and was one of the best earners.
A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.
December 2012 Bulletin from the Superintendent of Insurance (SUGESE):
The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance. The retention of these total direct premiums compared to 2011 remained at 81% and the total retained earned premiums (allocated ) increased from 96% in 2011 to 91% in 2012.
From January to December 2012, sales of insurance premiums reflected an increase of 8.16%, reporting a total of more than $138,635,000.
Panamaamerica.com.pa reports that "up to December 2012 were offered 85 million 879 thousand 82 dollars more than the previous year, which shows that consumers are becoming aware of the importance of having an insurance policy, indicated entrepreneurs from the insurance and reinsurance sectors in Panama. "