New Panamanian Insurance Law In The Works

Panama’s insurance industry grew from 17 participants two years ago to 27 today, and $850 million in insurance policies.

Tuesday, February 23, 2010

An update to Panamanian insurance legislation has been discussed for the past 8 years. Talks are currently being held between insurers and regulators to modify Law 59 of 1996, the one currently in force in a growing, competitive insurance market.

Martesfinanciero.com remarks that “it is necessary to introduce major modifications, in order to allow further development of the sector, new technologies, controls and greater guarantees for consumers. The new proposal should include elements such as regulating where insurers invest, for them to maintain adequate reserves to cover potential future disasters, and to enable the regulator to monitor if there are companies moving funds without adequate supervision or controls”.

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The Superintendent of Insurance is preparing a bill to promote market development by encouraging the installation of foreign reinsurance companies in the country.

The bill, still in draft form, aims to attract major reinsurance companies to the country and use the market already operating in the country as a platform.

Panama: New Reinsurance Law Being Drafted

April 2013

With the amendment of Law 63 of 1996 it is intended that international reinsurers will invest in the country making it a hub for the whole continent.

According to Luis Della Togna, Superintendent of Insurance and Reinsurance of Panama, a draft has been drawn up which amends the law and thereby strengthens supervision, control and regulation of the sector.

Five Insurers Dominate Panamanian Market

January 2012

Internacional de Seguros and ASSA are the industry leaders of a sector that netted $936 million in premiums in 2011, a 16% growth.

Five companies control the insurance market in Panama: Internacional de Seguros, ASSA, Mapfre Panamá, Assicurazioni Generali and Aseguradora Ancón.

Insurers Weather the Storm

December 2009

The insurance industry kept on growing, albeit at a lower pace, in spite of economic and financial crisis.

In 2008 this industry sold 17% more insurance than in 2007, summing over $3 billion sales. It slowed considerably in 2009, but managed to maintain positive growth numbers.

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