Panama: Insurance Market in March 2015

In the first quarter of the year, total premiums in the country totaled $338 million, 5% more than in the same period last year, driven by automobile insurance.

Tuesday, May 5, 2015

Vehicle insurance is the most in demand, reporting $63 million in premiums from January to March 2015, representing an increase of 11.8% compared to the same period last year. The second sector reporting the most growth is health, with premiums of $57.3 million, ie an increase of 6% and finally the premiums for group life reported $41 million, according to the Superintendency of Insurance and Reinsurance in Panama.

Prensa.com reports that "... As far as claims are concerned, the total amount in the period in question was $138.5 million, 3.3% more than in the first quarter last year. In this case, it the category of health which generates the highest costs for insurers. Claims rose by 31.7% to reach $43.5 million. Automobile claims totaled $36.6 million, up 6.2%. "

".... The ranking of insurers by premiums written is led by Compañía Internacional de Seguros (with $62.1 million, or 18.4% of total), followed by Assa Compañía de Seguros ($ 49.5 million, an 14.6% share ), Mapfre Panama ($ 48.9 million, 14.5% share) and Generali ($ 26.5 million, a market share of 7.8%). "

See the full report here.



More on this topic

Insurance: Panamanian Market Grows to 4%

July 2019

During the first five months of the year, premiums of $643 million were written, 4% higher than the $619 million reported for the same period in 2018.

Statistics from the Superintendence of Insurance show that from January to May 2019, the three insurance companies subscribing the highest proportion of market premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with 26%, 16% and 15% respectively.

Panama: Insurance Market Up 5%

December 2018

In the first ten months of this year, premiums of $1.245 million were subscribed in the country, exceeding in 5% the value reported in the same period of 2017.

The most recent data from the Superintendence of Insurance and Reinsurance detail that between the first ten months of 2017 and the same period of 2018, the value of premiums subscribed went from $1,188 million to $1,245 million.

Insurance Market Grows up to March 2018

May 2018

In Panama during the first three months of the year $367 million was written in premiums, which is 2% more than the $360 million reported in the same period in 2017.

During the first quarter 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 $70 million, $62 million and $56 million, respectively.

Nicaragua: Insurance Premiums Growing

April 2017

Life, health, and accident policies accounted for most of the 12% growth recorded in premiums during the first quarter of the year compared to the same period in 2016.

Total premiums recorded in the first quarter of the year, according to figures provided by Victor Urcuyo, head of the Superintendency of Banks and Other Financial Institutions, amounted to $57 million, almost 13% more than in the same period last year.

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