In 2017 in Panama, premiums totaled $1.471 billion, 5% more than in 2016, but the loss ratio in fires and floods increased almost four times.
According to a report by the Superintendency of Insurance and Reinsurance of Panama (SSRP), in 2017 market growth was accompanied by an increase in claims, as insurance companies paid out $119 million for the fire and flood coverage policies, a figure that exceeds the $26 million disbursed in 2016 by 365%.
Between January and October 2017, premiums grew 4% compared to the same period in 2016, explained in part by a 9% increase in health insurance and 14% in collective life insurance.
Figures published by the Comptroller General of the Republic indicate that premiums in the Individual Life insurance sector registered an increase of 4.4%, while those of Health increased 9%.On the other hand, collective life insurance premiums increased 14.3%.
The Public Ministry in Honduras is putting out to tender life and medical-hospital insurance for 2,574 employees.
Honduras Government Purchase LPN-004-2017:
"Life insurance must cover 30 times the employee's salary, with a minimum of $12,406 and a maximum of $53,191.For simple homicide and murder, compensation for employees with a salary of less than $1,404 must correspond to 30 times the salary up to a maximum of $42,553, employees with salaries greater than $1,404 onwards will be for up to a maximum of $53,191.
Banco Nacional de Panama is putting out to tender health, life and personal accident insurance for employees of the institution for a period of 48 months.
Panama Government Purchase 2016-1-01-0-08-LP-011670:
"Conditions for the policies to be contracted out:
-Life:Life insurance, accidental death and dismemberment and total and permanent disability due to accident or illness, for an average of 3,574 employees of BANCO NACIONAL DE PANAMA.
The Ministry of Public Security in Panama is putting out to tender the supply of various insurance policies for the National Air Service for a period of 3 years.
Panama Government Purchase 2016-0-18-01-08-LP-028044:
"Acquisition of policies:
- Insurance for aircraft hull
- Collective personal accident and medical expenses insurance - hull
- War risk insurance
Colombia's Grupo Sura has concluded the purchase of 100% of Seguros Banistmo and has started procedures in Panama to merge both companies.
From a statement issued by Grupo Sura:
In compliance with the duties of disclosure of relevant information, Grupo de Inversiones Suramericana SA informs that today its subsidiary Suramericana SA has completed the acquisition of 100% of the shares of Seguros Banistmo, SA, an insurance company organized and existing under the laws of the Republic of Panama, which belonged to Banistmo SA, a subsidiary of Bancolombia SA
In the first quarter of the year, total premiums in the country totaled $338 million, 5% more than in the same period last year, driven by automobile insurance.
Vehicle insurance is the most in demand, reporting $63 million in premiums from January to March 2015, representing an increase of 11.8% compared to the same period last year. The second sector reporting the most growth is health, with premiums of $57.3 million, ie an increase of 6% and finally the premiums for group life reported $41 million, according to the Superintendency of Insurance and Reinsurance in Panama.
The National Bank for Agricultural Development in Honduras is inviting bids for several insurance policies for the period between April 1st and December 31st, 2015.
Purchase of insurance policies by the National Bank for Agricultural Development, hereinafter called BANADESA, for the period from 1 April to 31 December 2015, as detailed below:
In Costa Rica insurance companies are seeking to increase sales of policies to SMEs and take advantage of a hitherto untapped market.
Small and medium enterprises (SMEs) represent 77% of businesses in the country, and therefore insurers are seeking to enter this market niche which has not been fully exploited. There are currently 5 companies that have focused on this market segment, but it is expected in 2015 one more will be added offering health insurance, and life insurance and workplace accident policies, among others.
The Autonomous Executive Port Commission is putting out to tender policies for damage insurance, motor, loyalty, electronic equipment and collective life and medical insurance.
Government Purchase El Salvador DR-CAFTA CEPA LA-05/2015
The purpose of the tender is to hire one or more legal person (s) National (s) Foreign (s) or Union of bidders for the Procurement of Insurance Policies for damages- Package Policy, Motor Insurance , Collective Life Insurance - Medical insurance, Fidelity Insurance, Insurance for Electronic Equipment for the CEPA and FENADESAL for the period from twelve noon (12:00 m) of January 1, 2015 until twelve noon (12:00 m) from January 1, 2016.
US insurer BlueCross BlueShield, has announced the opening of its operations in the country, which will be part of the Puerto Rican Triple-S Group.
From a statement issued by BlueCross BlueShield Costa Rica:
Insurer arrives in the country with plans for complementary health
• Member of the BlueCross BlueShield Association (BCBSA), an organization of more than 37 healthcare companies in the United States and other countries and which serves, through them, over 100 million policyholders.
Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.
The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector. The company following them is Instituto Nicaragüense de Seguros y Reaseguros (Iniser) with 26.4%, ASSA Compañía de Seguros SA with 18.9%, Seguros Lafise with 17,5% and Mapfre Nicaragua with 7,8%.
The insurance firm Assa has gained ground focusing on selling insurance to companies, and among the new participants in the market, it has obtained the best results.
Figures from the Superintendent of Insurance (SUG), reveal that for December 2012, Assa Insurance Company had the highest revenue from premiums of all the private firms and was one of the best earners.