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:
"All risk construction policy (CAR):
1) Metro de Panamá S.A. and/or any subsidiary or Affiliated Companies: Government of the State of Panama and/or Metro de Panamá S.A.
For failing to comply with minimum capital requirements, the Superintendency of Insurance has ordered the intervention into Alliance Re Reassurance Suisse S.A. for a period of six months.
For failing to comply with article 47 of the insurance market law, the Board of Directors of the Superintendency decided to take over operation of the reinsurer for 180 days.In addition to breaching the minimum capital required by law, the reinsurer was late in submitting financial statements for the year 2015.
In the first nine months of the year premium income barely exceeded $1 billion, growing by less than 1% compared to the same period in 2015.
The premiums of insurance companies between January and September totaled $1.023 billion, registering a slight increase of 0.8% or $7.7 million compared with the $1,015 million in the same period last year, according to the Superintendency of Insurance in Panama.
The Superintendent of Insurance is preparing a bill to promote market development by encouraging the installation of foreign reinsurance companies in the country.
The bill, still in draft form, aims to attract major reinsurance companies to the country and use the market already operating in the country as a platform. In turn, the legislation would also increase "...
Insurers say the highly competitive market is generating large variations in the prices of premiums, particularly in auto policies.
Growth in claims, primarily in motor insurance, which increased 14% in the first half of the year compared to the same period in 2013, is generating increases in prices of premiums.
Claims are growing at a faster rate than the premiums paid by customers, which rose by 9.94%, after going from $117,696,000 in the first seven months of 2013 to $129,395,000 between January and July this year. According to Berguido, these figures indicate that, contrary to what was expected, there are not yet "significant price increases" in premiums and they are not widespread.
In the first five months of the year the volume of premiums was $545 million, nearly $50 million more than in the same period in 2013.
Automobiles, with premiums of $94 million and Health, with premiums of $91.8 million, are the sectors that grew the most compared to the previous period, with increases of 9.83% and 17%, respectively.
Carlos Berguido, executive director of Asociación Panameña de Aseguradores, said in Prensa.com that "...
Two years after the amendment to the Law of the sector, the insurance market covering risks for short periods at low costs has been consolidated.
Banks and supermarkets are some of the outlets that insurance companies use to market a product that has established itself as a commercial operation with a low risk for insurers.
"The results of the implementation of Law 12 of April 3, 2012 are apparent to Jorge Barreiro Troitiño, corporate vice president of Nacional de Seguros, who said that just after 2012 the number of customers the company has increased by 50%, reaching 80,000 customers. "
With an increase of 9% compared to 2012, in 2013 total premiums added up to $1.244 billion, a record in the country and the highest in Central America.
The Panamanian insurance industry closed 2013 with $1.244 million in premiums, while in 2012 the figure was $1.138 billion, which represents an increase of 9.2%.This figure is the highest in Central America.
Panama’s insurance industry grew from 17 participants two years ago to 27 today, and $850 million in insurance policies.
An update to Panamanian insurance legislation has been discussed for the past 8 years. Talks are currently being held between insurers and regulators to modify Law 59 of 1996, the one currently in force in a growing, competitive insurance market.