Five companies control the insurance market in Panama: Internacional de Seguros, ASSA, Mapfre Panamá, Assicurazioni Generali and Aseguradora Ancón.
The market leaders are Internacional de Seguros – a company that has been in the country for a hundred years – and ASSA, which controlled 17.98% and 17.09% of the market in September 2011, according to figures from the Superintendency of Insurance and Reinsurance of Panama as reported by Prensa.com. Both companies are followed by Mapfre Panama , with 12.47%, Assicurazioni Generali SpA, with 6.15% with Aseguradora Ancón with 8.71%.
"The industry shows an increase in activity of 15.71%, making it the top performer in the Central American region, which in total, according to analysts, will close (2011) with an increase of 7%," the website reported.
Source: Prensa.com
More on this topic
February 2010
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.
October 2011
In the newly privatised insurance market, companies are competing with the National Insurance Institute (INS in Spanish) to increase their portfolios.
Last June, according to the premium income figures, registered insurance lines and assets, INS was first, followed by Assa and Alico with its life and health insurance lines.
March 2011
Premiums rose by 9.5% in 2009 and 8.5% in 2010, reaching $ 918 million in total.
Insurance rating company A.M. Best published a report on the insurance sector in Panama, highlighting it as the largest in Central America and noting also that significant growth is expected in the coming years, supported by increased tourism, construction and Panama's efforts to implement transparent financial and tax laws.
May 2010
The company signed insurance brokerage agreements with ASSA and Mundial, becoming the first broker who has signed deals with the country’s five authorized insurers.
“ASSA Compañía de Seguros S.A.”, was authorized to operate in Costa Rica on April 13, and Mundial received its authorization back on February 19.
español
