Insurance: Changes in Law Dynamize Market

From January to April of this year, $105 million in auto premiums were underwritten in Panama, 7% more than was reported in the same period in 2018, which is partly because of the modifications to the basic traffic accident insurance.

Monday, July 15, 2019

The latest report of the General Comptroller of the Republic states that between the first quarter of 2018 and the same period of 2019, the value of the premiums subscribed in the automobile branch grew from $98.1 million to $104.5 million, which is equivalent to a 6.5% increase.

You may be interested in "Group Insurance for $5 Million

The year-on-year increase reported this year is greater than that recorded in previous years, since for the first quarter of 2017 and 2018, the variations were 3.7% and 5.6% respectively. See full report.

Jose Joaquin Riesen, Superintendent of Insurance and Reinsurance of Panama (SSRP), explained to that "... the dynamism in car premiums is a product of the benefits created by Law 2 of May 23, 2018. With the entry into force of this rule we have had a favorable situation in the automobile, because we have more policies, more premiums and fewer claims."

Riesen added that "... this law not only created economic results, but also provided tools that strengthened the system, allowing greater management of the purchase and sale of insurance."

See modifications to the law regulating basic compulsory traffic accident insurance.

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