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.
An agreement has been made to grant an extension until the end of the contract year on medical insurance policies for tourists, while a tender is prepared to award the system from January 2015.
The extension of the contract with the insurer Generali, which has provided the service since 2011, will be until December, while a tender is prepared to select the new insurance provider from 2015.
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.
Panama’s insurance industry grew from 17 participants two years ago to 27 today, and $850 million in insurance policies.
An update to Panamanian insurance legislation has been discussed for the past 8 years. Talks are currently being held between insurers and regulators to modify Law 59 of 1996, the one currently in force in a growing, competitive insurance market.
español
2365
