2014 Panama: Insurance Companies Grow by 8%

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%.

Monday, February 2, 2015

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.

At the end of 2014, the insurance market had over $2,051,000 in assets, direct signed premiums of $1.345 million, which is $100.5 million more compared to the same period in 2013, when the figure was $1,244.5 million.

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More on this topic

Insurance in Guatemala Up 7.3%

September 2013

During the first eight months of 2013 insurance market premiums generated $425 million, while in the same period of 2012 the figure was $396 million.

The data was supplied by the Guatemalan Association of Insurance Institutions (Agis), which states that 20% of the market is made up of premiums from life policies, 29% for accident and health and the remaining 51% belongs to damage.

Panama: Insurance Sales Up 18%

July 2013

During the first five months of 2013 $97 million worth was sold, predominantly in the categories of car insurance, health and group life policies.

According to Carlos Berguido, director of the Panamanian Association of Insurers (Apadea), the increase is attributed to the immediate responses to claims by owners of insurers, resulting in consumers acquiring more policies, because of the trust inspired by claims being paid quickly.

Changes in Nicaraguan Insurance Market

May 2013

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.

Nicaragua: Insurance Grows 6% Despite Crisis

November 2009

In spite of the crisis, Nicaragua's insurance industry keeps growing, and recorded sales for $8.5 million so far 2009.

Lucía Ramírez Sánchez, General Manager at "Aseguradora Mundial" Nicaragua, commented that Nicaragua's market is still very small, and has potential for development. In the same period, Central American insurers sold $260 million, making Nicaragua's share just 3% of the total.

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