Transporte Masivo de Panama S.A. is bidding for the insurance of special risks, whose policy term must be of 24 months and the total insured amount is $75 million at first risk.
Panama Government Purchase 2021-2-81-01-08-LP-003116:
"The special risks insurance policy must be composed of the following sections:
I. Fire - Physical loss and/or damage including catastrophic risk.
Empresa de Transmision Electrica bids the collective health and life insurance policy for the institution's employees and retirees of the former IRHE, for a term of 5 years.
Panama Government Purchase 2021-2-78-0-08-LP-013153:
"Purpose of the contract:
(a) Collective Health Insurance Policy for the collaborators of Empresa de Transmision Electrica, S.
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.
Metro de Panamá S.A. bids the policies for the operation of Line 1 and Line 2, for a 24-month term.
Panama Government Purchase 2020-2-80-0-08-LP-003124
"Some of the services required:
-Contracting the reinsurance program
-Emission of required policies and endorsements
-Collection of the premiums generated by the policies
-Care and payment of the claims covered under the contracted policies
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.
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.
Panama's Metro bids the special risks insurance policy, with a two-year validity period.
Panama Government Purchase 2020-2-81-01-08-LP-001754:
"The bidder will be responsible for executing all the works, activities and tasks necessary to provide the service of Special Risks Insurance Policy Contracting, for a 24-month period.
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:
"Line 1: All Risks Insurance Policy for Direct Physical Loss or Direct Physical Damage to the Property of Empresa de Transmisión Eléctrica, S.A. (ETESA).
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.