In the first eleven months of 2018, premiums of $1.378 million were underwritten in Panama, exceeding by 6% the value reported in the same period of 2017.
The latest data from the Superintendence of Insurance and Reinsurance, detail that between the first eleven months of 2017 and the same period of 2018, the value of premiums underwritten went from $1.301 million to $1.378 million.
With the acquisition of the Italian insurer Generali, the participation of Assa Compañía de Seguros amounts to almost a quarter of the Panamanian insurance market.
Assa Compañía de Seguros confirmed in recent days that thepurchase transaction ofthe insurance portfolio, other assets and obligations of the Assicurazioni Generali Branch of Panama, for $172 million, was approved by the Italian and Panamanian authorities.
The Italian insurer has announced that it has reached an agreement with Assa Compañía de Seguros to sell its business in Panama, where it has been operating since 1970.
From a statement released by Generali Group:
Trieste - The Generali Group has entered into an agreement to sell its business in Panama. The transaction is part of its strategy to optimize its geographical presence, increase operational efficiency and improve capital allocation.
Three insurers accounted for 46% of the $693 million in premiums sold in the local market during the first half of the year.
Assa Compañía de Seguros, Mapfre Panama and Internacional de Seguros (IS) are the three insurers that accounted for almost half of the premiums sold between January and June this year.Assa recorded premiums of $122 million, followed by Mapfre, with $102 million and IS, with $98 million.
Tocumen SA has postponed until October 21 the deadline for submission of bids for the supply various types of insurance policies for airport personnel.
The tender has been postponed because two of the companies that submitted bids on July 27, ASSA and Compañía Internacional de Seguros, did not meet all of the requirements stated in the specifications, according to a spokesperson from Tocumen SA
ASSA Compañía Tenedora, S.A. and ASSA Compañía de Seguros (ASSA) and American International Group, Inc. (NYSE:AIG) today announced that they have entered into a share purchase agreement under which, ASSA will acquire 100 percent of AIG’s operations in Central America located in El Salvador, Guatemala, Honduras and Panama.
The transaction is subject to regulatory approvals in each country.
The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.
In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively.
Insurers have started to issue these policies which compete with bank share and performance guarantees.
The National Insurance Institute (INS) and Oceánica Seguros are the two companies which have been offering such policies since this year. Meanwhile, the company ASSA will start to offer them in in 2015 and Mapre is still adjusting its offers with a view to supplying them in the future.
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).
In the last interannual period personal insurance increased by 11%, general by 5% and compulsory by 9%.
From a bulletin on the Insurance Sector in November 2013 by the Superintendency of Insurance:
BASIC INDICATORS
The total amount of direct premiums collected reached c436,3 billion in November 2013. The involvement of voluntary insurance equaled the average of the last four annual periods - Nov 20l0-Nov 20l3), 73%.
Seguros Assa has sold the remaining 21% of shares held by the Profuturo Fund the largest banking institution in Panama.
Banco General "... announced that it has acquired 630 shares belonging to the Seguros ASSA Insurance Company in the pension and severance fund Profuturo ..." reported Anpanama.com.
With this move the bank will be the owner of 100% of the company Profuturo.
Between January and September insurance sales increased by 8.5% compared to the previous year, totaling $892 million.
Most policies sold in that period were in the auto and health categories according to information from the Superintendency of Insurance and Reinsurance in Panama.
The auto insurance sector recorded sales of $153.7 million and health $146.5 million. In addition, group life insurance achieved sales of $110 million.
The venture is in micro-markets with products costing up to $30 per year and with compensation ranging from $10 thousand to $15 thousand.
According to Luis Della Togna, Superintendent of Insurance and Resinsurance in Panama (SSRP), "the idea is to launch low-cost products in order to generate a micro-culture among the middle and lower classes."
With the "interesting economic growth in the country more and more companies are setting up in Panama, some even specialize in the field of life and health for the three class levels," said the official.
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