Panama: Figures for Insurance Market in January 2017

In January $136 million worth of insurance premiums were sold, below the $138 million sold in the same month of 2016.

Friday, March 10, 2017

The decrease compared to January last year is mainly explained by a reduction in premium segments such as maritime, aviation, technical, various risks and bonds.

Laestrella.com.pa reports that "...In the first month of this year, insurance sales associated with maritime activities decreased by 65.1% and those related to the airline industry shrank by 9.7%. Similarly there were contractions in sales in the technical category (-26.1%), insurance of various risks (-29.3%) and bonds (-4.6%)."

"... On the other hand, the statistics from the Superintendent of Insurance reveal that in January 2017 several branches in the Panamanian insurance market increased. This is the case for the segments of individual life policies, to 7%, health (16%), collective life (13%), industrial life (16.5%), multi-risk (20.7%) and freight transport (4.5%)."

See statistics by the Superintendency of Banks. (In Spanish)

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More on this topic

Accident Insurance: Sales up 7%

February 2020

In the first eleven months of 2019, premiums were written in the country for Ch$1,395 million, and sales of personal accident insurance grew 7% over the same period last year.

Figures of the General Comptroller of the Republic detail that between the first eleven months of 2018 and the same period of 2019, fire and multi-risk insurance premiums recorded a 10% increase.

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 Market Continues to Rise

June 2018

In Panama during the first four months of the year $491 million was written in premiums, which is 3% more than the $375 million reported in the same period in 2017.

Statistics from the Superintendency of Insurance show that during the first four months of 2018, the three insurance companies that wrote the largest proportion of these premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with 20%, 17%, and 16%, respectively.

Panama Insurance Market - September 2016

November 2016

In the first nine months of the year premium income barely exceeded $1 billion, growing by less than 1% compared to the same period in 2015.

The premiums of insurance companies between January and September totaled $1.023 billion, registering a slight increase of 0.8% or $7.7 million compared with the $1,015 million in the same period last year, according to the Superintendency of Insurance in Panama.

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