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. 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.

More on this topic

Insurance: Profitability Falls

April 2019

During the first quarter of the year in Nicaragua, premium income was down 6% from the same period in 2018, while claims payments increased 14%.

Figures from the Superintendence of Banks and Other Financial Institutions (Siboif) indicate that between January and March 2018, and the same period in 2019, premiums in the country fell from $55 million to $53 million.

Insurance: Casualty Rate Increased in 2018

March 2019

Between 2017 and 2018, Costa Rica's fire and property casualty rates increased from 18% to 33% and from 29% to 37%, respectively.

The general industry accident rate, which measures the proportion of claims payment expenses to total policy income, also increased in the last two years, from 48% in 2017 to 51% in 2018.

Costa Rica Insurance: Claims Up 10%

August 2014

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

In the case of personal accident insurance, registered insurance companies reported an increase of 13% between July 2013 and March this year. "...Within this category, those that grew the most were those of health and accident insurance, going from $26 million to $28 million. "

Panama 2013: Insurance Was Not Good Business

December 2013

Industry participants predict a year-end in the red because of a sharp increase in claims for losses. reports: "Although total premiums up to October 2013 was $976 million, with growth in the sector of 9.6% compared to the same period last year, the directors of the Panamanian Association of Insurers (Apadea) predict that at the end of the year there will be a loss. "

 close (x)

Receive more news about Insurance

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones

Gluten-free food business for sale

Operating Company dedicated to the manufacture of gluten-free and sugar-free products, OHNE brand.
The OHNE brand has 8 product lines: square bread, sweet...

Stock Indexes

(Apr 6)
Dow Jones
S&P 500


(Jul 8)
Brent Crude Oil
Coffee "C"