Between July and October 2020, the number of people in Guatemala exploring options for life insurance online increased by 3%, and the number of Panamanian consumers seeking auto insurance increased by 39%.
CentralAmericaData's interactive platform, Consumer Insights, monitors in real time changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
The insurance for the construction of the civil works, auxiliary installations of line and stations, supply and installations of the integral system, of the Line 3 of the Panama Subway, is tendered for 54 months.
Panama Government Purchase 2020-2-80-0-08-LP-002878:
Panamanian businessmen consider unviable the bill that intends to force insurance companies to cover medical expenses related to the coronavirus.
The bill, which was presented by Representative Zulay Rodriguez, seeks to ensure that insurance company clients are attended to in case they are infected with covid-19, however, policies do not usually provide coverage when the disease is declared as an epidemic or pandemic.
In the first eleven months of 2019, premiums were written in the country for Ch$1,395 million, and sales of personal accident insurance grew 7% over the same period last year.
Figures of the General Comptroller of the Republic detail that between the first eleven months of 2018 and the same period of 2019, fire and multi-risk insurance premiums recorded a 10% increase.
Except for Nicaragua, which projects a decline in revenues, Fitch Ratings estimates that by year-end the region's insurance markets will have grown from 3% to 8%.
According to the report Perspectives of Insurance Industry in Central America, prepared by the rating agency Fitch Ratings, El Salvador will be the market that in 2019 will register more dynamism in the region, reporting an 8% increase over revenues reported in 2018.
From January to August 2019, premiums of $1.026 million were subscribed, surpassing by 3% the $997 million reported in the same period of 2018, an increase lower than the 5% increase reported in July.
According to the most recent figures from the General Comptroller's Office of the Republic, between the first eight months of 2018 and the same period of 2019 the premiums for fire and multi-risk insurance registered a 16% increase.
The Empresa de Transmisión Eléctrica de Panamá will contract an all risk insurance policy for direct physical loss or direct physical damage, and a comprehensive general civil liability insurance policy.
Panama Government Purchase 2019-2-78-0-99-LP-011630:
Between January and June 2019, premiums increased 4% compared to the same period in 2018, partly because of a 5% increase in health policies and 6% in group life insurance.
The latest data published by the General Comptroller of the Republic indicate that between the first half of 2018 and the same period of 2019 the premiums of the branch of fire and multi-risk insurance registered a 12% increase.
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.
From January to April of this year, $105 million in auto premiums were underwritten in Panama, 7% more than was reported in the same period in 2018, which is partly because of the modifications to the basic traffic accident insurance.
The latest report of the General Comptroller of the Republic states that between the first quarter of 2018 and the same period of 2019, the value of the premiums subscribed in the automobile branch grew from $98.1 million to $104.5 million, which is equivalent to a 6.5% increase.
In the last five years, the profits of insurance companies have increased, because in 2014 for every dollar collected companies obtained a profit of $0.03, and in 2018 the indicator rose to $0.10.
Data from the Panamanian Association of Insurers (Apadea) show that the sector's profitability is constantly growing, since for every dollar that insurers received in 2014 they obtained a $0.03 benefit, in 2015 the proportion rose to $0.06, in 2016 to $0.08, in 2017 to $0.09 and in 2018 to $0.10.
Because of vehicle and health insurance performance, premiums paid in Panama last year totaled $1.562 million, 6% more than in 2017.
Preliminary figures from the Superintendence of Insurance and Reinsurance detail that last year income from vehicle insurance totaled $321 million and increased 9% with respect to 2017.
In the first eleven months of 2018, premiums of $1.378 million were underwritten in Panama, exceeding by 6% the value reported in the same period of 2017.
The latest data from the Superintendence of Insurance and Reinsurance, detail that between the first eleven months of 2017 and the same period of 2018, the value of premiums underwritten went from $1.301 million to $1.378 million.
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