Panama: The Largest Insurance Market in the Isthmus

Panamanian insurers managed to sell $1.1 billion worth in 2011, beating Costa Rica ($794 million) and Guatemala ($620 million).

Monday, April 9, 2012

Panamanian insurers managed to sell $1.1 billion worth of insurance in 2011, according to the Superintendency for Insurance and Reinsurance in Panama. With the number of premiums written by the industry beating Costa Rica ($794 million) and Guatemala ($620 million).

The Panamanian market is made up of 31 insurance companies. The vast majority of these companies are affiliated with the Panamanian Association of Insurers (Apadea), and were responsible for 95% of the written premiums in 2011, reported Panamaamerica.com.pa.

The insurer in first place in Panama is the ASSA Insurance Company, which underwrote more than $34 million in January and February, or 18.74% of the pie that makes up insurance sales, according to recent data from the Superintendency for Insurance and Reinsurance in Panama.

ASSA also consolidated in Costa Rica, where premiums exceeded $18 million in 2011 , which represented an increase of 400% compared with 2010. ASSA has a presence in Panama, Costa Rica, El Salvador, Nicaragua and Colombia.



More on this topic

Panama: Figures for Insurance Market in January 2017

March 2017

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

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.

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 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. "

$5 million Insurance Policy Awarded to Banrural

April 2012

The State of Guatemala will insure 9 hydroelectric stations and 65 transmission substations, paying the most expensive annual insurance bill in the local market.

The National Institute of Electrification (INDE) awarded a policy of Q37, 8million ($4.86 million) to Aseguradora Rural to insure against all risks and terrorism, 9 hydro and 65 transmission substations, which are some of the most valuable pieces of public infrastructure in the country.

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