Microinsurance Growing in Panama

Two years after the amendment to the Law of the sector, the insurance market covering risks for short periods at low costs has been consolidated.

Monday, May 19, 2014

Banks and supermarkets are some of the outlets that insurance companies use to market a product that has established itself as a commercial operation with a low risk for insurers.

"The results of the implementation of Law 12 of April 3, 2012 are apparent to Jorge Barreiro Troitiño, corporate vice president of Nacional de Seguros, who said that just after 2012 the number of customers the company has increased by 50%, reaching 80,000 customers. "

However, Carlos Berguido, Executive Director of the Assocación Panameña de Aseguradoras (Apadea) told Panamaamerica.com.pa that "Panama is still very slow in the business of microinsurance because there is a lack of distribution channels being implemented, such as the ones developed in shops, banks and supermarkets, "several insurers have told me that the process to request approval takes too long. We need a better attitude on the part of the authorities to not delay this process.'"

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