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.
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. "
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."
Backed by the Central American and Caribbean Network of Microfinancers six companies have begun offering microinsurance to families and small businesses.
Ivan Gutierrez, executive director of the Central American and Caribbean Microfinancers Network (Redcamif), said that "from July this year six microfinance institutions will start to offer life and accident insurance, health insurance and temporary disability income."
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.