When the enforcement compulsory car insurance policies came into effect seven years ago, it was assumed there it would generate good results, however, the reality is different. Losses in this category exceeded $15 million last year.

" ... Almost all companies have reported losses in the field of cars, a situation that has been intensifying in recent years and one which demands there are corrections in order to straighten out the revenue curve," said Carlos Berguido, executive director of the Panamanian Association of Insurers (Apadea).

" ... The consequences are starting to be felt, not only in setting premiums, but that some insurance companies have decided to leave the niche of cars worth under $14,000."

Source: Capital.com.pa

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January 2015

The Superintendency of Insurance in Costa Rica is planning to start the process of opening up the market for compulsory automobile insurance in the first quarter.

In order to liberalize the market for compulsory automobile insurance, there first needs to be a review and approval of a decree which will focus on the regulation of the sale of insurance from the National Insurance Institute (INS) to private companies.

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May 2014

Products in the category of life, accident and health lead the 6% increase in premiums seen in the first three months of the year compared with the same period in 2013.

Total premiums paid in the first quarter amounted to $42 million, of which 37.4% were for first party car insurance, 21.0 % for fire insurance and associated lines, 19.09 % for life insurance (individual and collective) and the remaining 6.01 % for health insurance.

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.

Yellow Light for Car Insurance

October 2012

In Panama statistics up to the month of July 2012 show an increase of $63 million in motor vehicle claims, which means an increase of 22% compared to July 2011.

Martesfinanciero.com reports that "The latest figures from the Transit Authority and Land Transport (ATTT) account for more than 20,000 traffic accidents in the first seven months of the year, and insurance companies are concerned because this means a possible reduction in profit margins exclusively in the industry’s car insurance branch this year. "