Panamanian Insurance Market

Premiums rose by 9.5% in 2009 and 8.5% in 2010, reaching $ 918 million in total.

Wednesday, March 16, 2011

Insurance rating company A.M. Best published a report on the insurance sector in Panama, highlighting it as the largest in Central America and noting also that significant growth is expected in the coming years, supported by increased tourism, construction and Panama's efforts to implement transparent financial and tax laws.

Some highlights from the report:
- Life insurance shrank 2.7% over the last year, falling to $ 232.5 million, it represents the first reduction in this sub market since 2005.
- The non-life insurance (including accident and health), grew 12.9% to $ 686.4 million.
- The market leader is International Insurance Company with about 19% ($ 172 million in premiums), followed by ASSA Insurance Company SA (17%, $ 159 million) and World Insurance (13%, $ 118 million). The three companies make 49% of the market.

More on this topic

Costa Rica: Insurance Market up to March 2015

May 2015

The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.

In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively.

Five Insurers Dominate Panamanian Market

January 2012

Internacional de Seguros and ASSA are the industry leaders of a sector that netted $936 million in premiums in 2011, a 16% growth.

Five companies control the insurance market in Panama: Internacional de Seguros, ASSA, Mapfre Panamá, Assicurazioni Generali and Aseguradora Ancón.

Insurance Up 11% in Panama

November 2010

In September premiums issued totaled $ 665 million, 11.3% higher than the same period of 2009.

Insurers "Compañía Internacional de Seguros"; ASSA Insurance Company and "Aseguradora Mundial" represented 49.1% of all insurance sales, a total of $ 327.6 million.

"Some of the most issued premiums from January to September 2010 were bonds, which captured 67.4 million dollars, a 89% increase from last year, followed by multi risk insurance products..." reported La Estrella.

Panama: 3 Companies Bid For Insurance Services

March 2010

Pan Americal Life, “Internacional de Seguros” and “ASSA Seguros” have bid for supplying the government with insurance services.

The $24 million contract comprises collective life and health insurance for the security employees of the government.

“Pan American Life bid $21.53 million, ‘Internacional de Seguros’ $20.82 million and ASSA $19.48 million”, reported Prensa.com.

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