Insurance Market: Figures in 2018

Because of vehicle and health insurance performance, premiums paid in Panama last year totaled $1.562 million, 6% more than in 2017.

Tuesday, January 15, 2019

Preliminary figures from the Superintendence of Insurance and Reinsurance detail that last year income from vehicle insurance totaled $321 million and increased 9% with respect to 2017.

During 2018, premiums paid for health insurance totaled $312 million, 7.8% more than reported in 2017.

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The superintendent of Insurance and Reinsurance, José Joaquín Riesen, explained to that "... the year-end result has been "very positive", exceeding the expectations of industry and international entities, as well as the growth rate of the country's economy, which will close at around 4%, according to forecasts."

The article adds that "... In the auto sector, there was a 106,825 increase in current policies, which translated into an increase in premiums of $27.4 million or 9.3%. The regulator explained that the increase is because of the implementation of the new mandatory traffic accident insurance, which allows for better oversight by the authorities. However, there is still 30% of the vehicle fleet (about 400,000 vehicles) circulating without compulsory insurance."

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Insurance: Changes in Law Dynamize Market

July 2019

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.

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.

Insurance Market Up 5%

November 2018

In the first nine months of this year, premiums of $1,115 million were written in Panama, exceeding by 4.9% the value reported in the same period of 2017.

The latest data from the Insurance and Reinsurance Superintendence, between the first nine months of 2017 and the same period in 2018, the value of premiums written went from $1.063 million to $1.115 million.

Insurance: More Premiums, But More Losses

January 2018

In 2017 in Panama, premiums totaled $1.471 billion, 5% more than in 2016, but the loss ratio in fires and floods increased almost four times.

According to a report by the Superintendency of Insurance and Reinsurance of Panama (SSRP), in 2017 market growth was accompanied by an increase in claims, as insurance companies paid out $119 million for the fire and flood coverage policies, a figure that exceeds the $26 million disbursed in 2016 by 365%.

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.

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