Income from insurance premiums grew by 15% compared to the same month in 2015, reaching $924 million.
From the Monthly Bulletin by the Superintendent of Insurance:
Income from insurance premiums grew by 15% compared to September 2015, reaching ¢497 billion colones.Growth remains widespread by category and personal insurance is still the most dynamic category.The contribution of compulsory insurance, as explained in previous bulletins, responds to the increase in SOA in January 2016 due to accounting changes because RT premiums decreased by 20% year on year.
A rate of $3 will be charged to tourists for entering the country in order to provide assistance in case of incidents during their stay.
The proposal is similar to the free insurance for tourists in Panama implemented in previous years, and aims not only to provide assistance in the case of theft or other accidents but also to use part of the funds raised in the international promotion of the country as a tourist destination.
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. "
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.
Central American heavy load carries are opposing the payment of third party insurance demanded by Mexican authorities.
The $18 charge for compulsory insurance imposed by the Mexican government is concerning heavy load carriers in Central America who are threatening to set up a road block next Thursday for an indefinite period of time.
The Constitutional Chamber of the Supreme Court has rejected an appeal that opposed the opening of the market, which includes Occupational Risks and Compulsory Auto Insurance.
This constitutional ruling completes the insurance market opening which started four years ago. The end of monopolization of this type of insurance was scheduled for January 1, 2011, but was stopped because of a constitutional motion filed on December 21, 2010.
In Costa Rica compulsory motor insurance remains the monopoly of the state run insurance company, the INS.
A constitutional action filed against the opening up of the market for the Workplace Insurance, arguing that "this social insurance is designed to provide universal coverage at no cost to all people working in the country, against any accident or illness resulting from their activity ", has also detained the liberalization of the market for compulsory insurance for motor vehicles.
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