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 "...
Between December 2012 and December 2013 revenue from premiums went from $138 million to $156 million.
The pace of growth in the insurance sector in Nicaragua increased during the first quarter of 2014, registering premiums of $43 million, an increase of 21% compared to the same period in 2013.
Laprensa.com.ni reports that "... of the total premiums sold during 2013, the property insurance segment accounted for 71% of total sales, receiving $111.15 million, reflecting a growth of 10 5% compared to the $100.56 million sold in 2012. "
Low-cost auto insurance policies are rapidly expanding the insurance culture in sectors of the population who can not access traditional policies.
Since the opening up of the national insurance market in 2008 and the incursion of microinsurance in 2010, 64 different types of products have been created. With low premiums as an incentive, in 2013 only 550,000 contracts were placed, representing 26% of all contracts sold by insurance companies in the country that year.
Products in the category of life, accident and health lead the 6% increase in premiums seen in the first three months of the year compared with the same period in 2013.
Total premiums paid in the first quarter amounted to $42 million, of which 37.4% were for first party car insurance, 21.0 % for fire insurance and associated lines, 19.09 % for life insurance (individual and collective) and the remaining 6.01 % for health insurance.
The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.
The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).
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. "
Apart from any agreements which could be made by the Consortium and the Panama Canal Authority regarding the contract, the last word belongs to the insurer of the project, Zurich.
In the case of the Panama Canal expansion, the main focus will be on determining which party is the one that is in breach of contract, the Panama Canal Authority (ACP) or the consortium Grupo Unido por el Canal (GUPC).
Total premiums grew by 11% during 2013 and amount to $1.046 billion, the highest figure since the market opened in 2008.
During 2013, the total insurance market grew by 11% and total premiums added up to $1.046 billion, while in 2008 the figure was $611 million. Life policies and motor were the most popular during 2013.
Data from the Superintendent of Insurance (SUG) reveals that sales of car insurance premiums increased by $38.6 million in the last two years, of which $9.6 million related to 2013. Up to December, total premiums placed in that category amounted to $232 million.
Fitch Ratings predicts good performance for the sector, but warns of risks such as intense competition in rates, exposure due to natural disasters, and inflation.
Fitch Ratings believes that the insurance industry will perform well in 2014, however, it does not rule the possibility that some factors such as strong competition in rates, exposure to natural disasters, inflation and devaluation of currencies in some countries will continue to exert pressures.
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.
The Ministry of Finance of El Salvador is putting out to tender, for the period January to December 2014, insurance policies and fidelity bonds.
Government Purchase El Salvador DR CAFTA LA 07/2014:
"ACQUISITION OF INSURANCE POLICIES AND BONDS OF LOYALTY"
The purpose of the tender is to: "Acquire insurance policies and fidelity bonds for the period from midnight on January 1 day to the 24th hour of the day December 31, 2014."
Insurers paid $133 million to their customers during the first quarter of 2013, $47 million more than in 2012.
"The biggest financial outlays occurred in the lines of auto, health and fire, $29.7 million, $28 million and $16.3 million respectively," noted an article in Laestrella.com.pa.
As for companies, ASSA is a leader in the insurance market, having 20.22% of the sector, followed by Compañía Internacional de Seguros with 16.43% and in third place is Mapfre Panamá, S.A. with 12.79%.
A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.
December 2012 Bulletin from the Superintendent of Insurance (SUGESE):
Basic Indicators
The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance. The retention of these total direct premiums compared to 2011 remained at 81% and the total retained earned premiums (allocated ) increased from 96% in 2011 to 91% in 2012.
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. "