Panama Insurance: Claims Up 8%

In August 2015 a growth rate of 8% in claims and 4% in the value of premiums was recorded.

Monday, October 26, 2015

Although growth in claims has moderated compared to previous months, the Superintendency of Insurance and Reinsurance believes that the gap between the growth of premiums and claims is still wide and capital required of insurance companies and premium costs need to be raised.

Anpanama.com reports that "... In the case of the sale of auto insurance, which in May saw a rise of 12% in premiums and 6% in claims it has improved somewhat in August, as the first was 13% more than the previous year and the second a 4%. But it remains a concern. In the view of Louis Ducruet, director of the brokerage firm Unity Ducruet, the insurance market has mainly benefited from the booming automobile market. "The car category continues to sell a lot of cars, we do not know how long that situation will last, but car accidents are surpassing premiums or are very near the point of balance for companies," said the businessman. "

In regard to a capital increase .... Ducruet said that 'some risks, such as health and cars, are managed on a cash basis. If premiums are not sufficient to pay claims, the insurance company will have to increase premiums '... also, as in all markets, when certain raw materials increase at some point they are going to have to raise insurance policies as well.'"

Read full report here.



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As of July claims for payments totaled $284 million, with personal insurance policies having increased the most.

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Panama 2013: Insurance Was Not Good Business

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Industry participants predict a year-end in the red because of a sharp increase in claims for losses.

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