Life Insurance Increases 34% in Panama

34% more life insurance premiums where sold in the first six months of the year when compared to the same period of 2008.

Thursday, August 13, 2009

The sectors with most growth, after life insurance, where fire (24.11%) and civil responsibility (24.8%).

"It is precisely in these types of insurance where prices rose the most", reports newspaper Prensa.com, "The only sectors where prices dropped are technical (-18.16%), multi risk (commercial, residential, -11.42%) and maritime hull (-11.47%)".

More on this topic

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: Vehicle Sales Boost Insurance Sector

May 2012

Insurers sold premiums worth $273.7 million in the first quarter, largely due to vehicle insurance.

An increase in the number of vehicles, rising prices for parts and road realignment works are factors in a higher number of claims, which has led to an increase in insurance sales.

Life Insurance Policies Down 49% in Panama

September 2010

Policies taken out to July totaled $13.3 million, 49% less than during the same period of 2009.

"Industry sources attribute the drop to three factors: the main one is the effect of British American Insurance Company's bankruptcy but increases in the cost of policies and the fact that people are choosing cheaper coverage with less benefits are also mentioned," reports Edith Castillo for Prensa.com.

Insurance Grows 22% in Panama

September 2009

In July, written premiums were $78 million, 22% more than the same period of 2008.

Such growth was mainly fueled by individual life insurance (first year), which grew 143%, as it had happened last May.

"According to sources from the industry, the growth of life insurance (first year), is driven by a single company, who is selling in the market this nontraditional product", reports Prensa.com.

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