Insurance: More Premiums, But More Losses - CentralAmericaData :: The Regional Business Portal

Insurance: More Premiums, But More Losses

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.

Tuesday, January 30, 2018

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%.

Regarding the accident rate recorded in the last year, José Joaquín Riesen, superintendent of SSRP, explained to Prensa.com that " ... there are some warehouses that have adequate facilities, but many others do not have the necessary fire safety and prevention measures.'This affects us, because the Colon Free Zone is a storage hub. The impact goes beyond fire, it denotes lack of basic prevention '... ".

Prensa.com reports that "...The sector has grown steadily since 2012.  However, the increase in the economy has been higher, which has meant a reduction in the participation of the insurance sector in the gross domestic product." 

More on this topic

Insurance in Honduras: Good Results for 2017

February 2018

Over the past year, premiums totaled $440 million, 8% more than in 2016, led by General Insurance and Accident and illness insurance.

According to figures from the National Commission of Banks and Insurance, at the end of 2017 the loss ratio totaled $200 million, representing 45% of premium income, 3% more than was reported in 2016.

Panama: Insurance Market Up 4%

January 2018

Between January and October 2017, premiums grew 4% compared to the same period in 2016, explained in part by a 9% increase in health insurance and 14% in collective life insurance.

Figures published by the Comptroller General of the Republic indicate that premiums in the Individual Life insurance sector registered an increase of 4.4%, while those of Health increased 9%. On the other hand, collective life insurance premiums increased 14.3%. 

Panama: Hike in Insurance Premiums

December 2015

It has been announced that three insurers with the largest share in the market have requested authorization from the regulator to make adjustments of up to 12% on premiums for health insurance policies.

The Superintendent of Insurance and Reinsurance, José Joaquín Riesen, told Prensa.com that three companies asked to be able to increase premiums for health policies, arguing that the costs of medical services have increased by at least 10% in recent years, while premiums, deductibles and coinsurance have remained in the same price ranges.

Panama: National Insurance Against Natural Disasters

July 2015

The government is analyzing taking out insurance against natural disasters and one option is a policy for specific areas by province, depending on the degree of vulnerability to events such as earthquakes or floods.

Anpanama.com reports that "... This policy would cover flood losses or extreme droughts.

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