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.
During 2018, premiums paid for health insurance totaled $312 million, 7.8% more than reported in 2017.
Three insurers distributed 52% of the premiums generated in January of this year, which in total amounted to $129 million.
In the first month of 2018, the three insurance companies that subscribed the largest proportion of the premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with $32 million, $19 million and $16 million, respectively.
It has been announced that three insurers with the largest share in the market have requested authorization from the regulator to make adjustments of up to 12% on premiums for health insurance policies.
The Superintendent of Insurance and Reinsurance, José Joaquín Riesen, told Prensa.com that three companies asked to be able to increase premiums for health policies, arguing that the costs of medical services have increased by at least 10% in recent years, while premiums, deductibles and coinsurance have remained in the same price ranges.
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%.
In the first quarter, insurers have paid claims for damages of $139.2 million more than in the same period in 2010.
According to the Superintendent of Insurance and Reinsurance the payments for claims in the first quarter totaled $187.8 million, 286% higher than the $48.6 in the same period of 2010.
An article in Padigital.com notes "The same paper shows that the loss portfolio which marked the greatest growth was fire, which for the first quarter had $102.5 million in losses in 2010. Following this category are the risks associated with the health, life and auto,..."
In 2008 the insurance companies have paid $84.6 million more in claims than for the same period in 2007.
The expenses incurred by insurers for total claims paid out as of September were $241.8 million, or $84.6 million more than for the same period in 2007 when the payments totaled $157.2.
The increase in payments was recorded for the main branches such as life, fire and theft coverage.