As a result of the economic effects that the outbreak of covid-19 will cause in the National Assembly, a general suspension of the payment of taxes, basic services and bank credits for three months is proposed, but the businessmen think that it is not suitable to generalize the measures.
Bill No. 390, which proposes the suspension of payments and collections of taxes, social security contributions, mortgage loans, commercial and agricultural loans, is advancing in the National Assembly.
From May 2019, foreign customers will have to declare to local system banks that their funds meet their country's tax requirements.
The Superintendence of Banks of Panama (SBP) approved Agreement 02-2019, which implements the recommendations of the Financial Action Task Force, which consists of expanding the required due diligence measures of banks with their customers.
Insurers say the highly competitive market is generating large variations in the prices of premiums, particularly in auto policies.
Growth in claims, primarily in motor insurance, which increased 14% in the first half of the year compared to the same period in 2013, is generating increases in prices of premiums.
Claims are growing at a faster rate than the premiums paid by customers, which rose by 9.94%, after going from $117,696,000 in the first seven months of 2013 to $129,395,000 between January and July this year. According to Berguido, these figures indicate that, contrary to what was expected, there are not yet "significant price increases" in premiums and they are not widespread.
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 "... there are some industries that have shown growth, such as health and Automobiles, which are probably reflecting both the newly insured as well as rate increases and others who have decreased, such as individual life insurance and personal accident. "
Compulsory car insurance for third-party damage has ceased to be a great growth opportunity and become a category of losses.
When the enforcement compulsory car insurance policies came into effect seven years ago, it was assumed there it would generate good results, however, the reality is different.
Industry participants predict a year-end in the red because of a sharp increase in claims for losses.
Prensa.com reports: "Although total premiums up to October 2013 was $976 million, with growth in the sector of 9.6% compared to the same period last year, the directors of the Panamanian Association of Insurers (Apadea) predict that at the end of the year there will be a loss. "
During the first five months of 2013 $97 million worth was sold, predominantly in the categories of car insurance, health and group life policies.
According to Carlos Berguido, director of the Panamanian Association of Insurers (Apadea), the increase is attributed to the immediate responses to claims by owners of insurers, resulting in consumers acquiring more policies, because of the trust inspired by claims being paid quickly.
Representatives from the government and employers reached an agreement to reform the rule which requires a bond deposit of between $3000 and $75 000 on stores that sell alcoholic beverages.
Prensa.com reports that "members of the National Association of Bars, Pubs and Businesses engaged in the sale of liquor, and representatives from the Ministry of Commerce and Industry (Mici) agreed to eliminate the performance bond established in Act No. 2 February 2013 ". According to Virgilio Sousa, national director of Commerce at the Mici, the proposal is starting to be drawn up by the legal department of the ministry and will be presented in the next few days before the Cabinet.
The figure is an estimate of the amount of damage caused by the recent floods, which need to be recovered by homeowners who took out insurance against natural disasters.
Panamaamerica.com reports that the executive director of the Panamanian Association of Insurers (Apadea), Carlos Berguido, said: "There still isn’t an exact number that indicates exactly how many families and homes have been affected by the recent floods, and whose concerns will be mitigated because their assets were covered - against natural disasters-by an insurance policy. "
In Panama statistics up to the month of July 2012 show an increase of $63 million in motor vehicle claims, which means an increase of 22% compared to July 2011.
Martesfinanciero.com reports that "The latest figures from the Transit Authority and Land Transport (ATTT) account for more than 20,000 traffic accidents in the first seven months of the year, and insurance companies are concerned because this means a possible reduction in profit margins exclusively in the industry’s car insurance branch this year. "
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