Insurance: Panamanian Market Grows to 4%

During the first five months of the year, premiums of $643 million were written, 4% higher than the $619 million reported for the same period in 2018.

Thursday, July 25, 2019

Statistics from the Superintendence of Insurance show that from January to May 2019, the three insurance companies subscribing the highest proportion of market premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with 26%, 16% and 15% respectively.

Prensa.com reports that "... In health policies, customers paid $132.2 million, 4% more than the previous year. The growth is marked by the increase in the number of policies contracted (5.6% to 94,719), but also by the increase in the price of these policies, pressured by the high costs of medical and hospital services. In the case of automobile insurance, premiums underwritten totaled $128.6 million, 3.8% more than in the January-May 2018 period."

The article adds that "... The main income for insurers comes from premiums, and their most representative expense is claims paid to their policyholders. Between January and May, the sector disbursed $291.9 million, 2.9% less than in the same period in 2018. The variation is explained by a notable fall in claims paid in fire insurance (53.5% less for a total of $9.9 million) and helmet (64.1% less for a total of $3 million). On the other hand, the branches that continue to generate the most claims are health ($98.3 million, an increase of 2.2%) and automobiles ($83.2 million, an increase of 3.6%)."

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Insurance: Panamanian Market Not Rebounding

January 2020

In the first ten months of 2019, premiums of $1,265 million were subscribed in the country, 2% more than reported in the same period of the previous year, a rise that is less than the 5% year-on-year variation reported up to October 2018.

According to the last report of the General Comptroller of the Republic, between the first ten months of 2018 and the same period of 2019, fire and multi-risk insurance premiums recorded a 12% increase.

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 Keeps Rising

January 2019

In the first eleven months of 2018, premiums of $1.378 million were underwritten in Panama, exceeding by 6% the value reported in the same period of 2017.

The latest data from the Superintendence of Insurance and Reinsurance, detail that between the first eleven months of 2017 and the same period of 2018, the value of premiums underwritten went from $1.301 million to $1.378 million.

Panama: Insurance Market in March 2015

May 2015

In the first quarter of the year, total premiums in the country totaled $338 million, 5% more than in the same period last year, driven by automobile insurance.

Vehicle insurance is the most in demand, reporting $63 million in premiums from January to March 2015, representing an increase of 11.8% compared to the same period last year.

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