Panama Insurance Sector Grows 9.4%

From January to May, the volume of hired policies was $318.1 million, 9.43% more than the same period of 2008.

Wednesday, July 22, 2009

Theft policies registered the larger increase (40.3%), followed by fire protection (31.09%). Health insurance grew 14.13% and automotive policies increased 5%.

José Miguel Pinzón, Padeco Insurance comptroller, declared in a Prensa.com article that "... the economic situation in the auto market has worsened, and this is reflected in the insurance market".

More on this topic

Panama: What and How Much in the Insurance Market

March 2018

Three insurers distributed 52% of the premiums generated in January of this year, which in total amounted to $129 million.

In the first month of 2018, the three insurance companies that subscribed the largest proportion of the premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with $32 million, $19 million and $16 million, respectively.

Panama: Insurance Market in March 2015

May 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.

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.

Insurance Policies Up 12% in Panama

August 2014

The amount of premiums written during the first half of 2014 totaled $657 million, which is 12% more than in the same period in 2013.

Of the total of premiums paid in the first six months of the year, health insurance, group life and car policies accounted for about 45%. In the case of auto insurance, one of the fastest growing in the country, the total was $112.4 million, 9.78% more than in the first half of 2013.

Insurance in Panama Grows By More than 8%

January 2013

From January to December 2012, sales of insurance premiums reflected an increase of 8.16%, reporting a total of more than $138,635,000.

Panamaamerica.com.pa reports that "up to December 2012 were offered 85 million 879 thousand 82 dollars more than the previous year, which shows that consumers are becoming aware of the importance of having an insurance policy, indicated entrepreneurs from the insurance and reinsurance sectors in Panama. "

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