Panama: Vehicle Sales Boost Insurance Sector

Insurers sold premiums worth $273.7 million in the first quarter, largely due to vehicle insurance.

Tuesday, May 15, 2012

An increase in the number of vehicles, rising prices for parts and road realignment works are factors in a higher number of claims, which has led to an increase in insurance sales.

In the first three months of 2012, premiums totaled $273.7 million, reported the Insurance and Reinsurance Superintendence of Panama (SSRP in Spanish), according to Laestrella.com.pa.

"By generating employment and increasing GDP per capita, access to finance is very easy, which leads to higher consumption – an increases in car-buying- ", argued the businessman Carlos Tribaldos , CEO of Óptima insurance company.

In 2011, 48,000 new units joined the fleet. On average for the next 5 years, an estimated 42,000 new units will do so annually, said Tribaldos.

More on this topic

Insurance Market in Honduras Grows by 10%

February 2012

At the end of last year, 2011, the insurance market reported a growth of 9.6% compared with 2010.

According to the National Commission for Banking and Insurance (CNBS), growth in premiums was $28.7 million.

"According to the insurance industry, the only decrease, of 4%, was in the general insurance section which includes vehicle and fire policies, ..." reported the Laprensa.hn

Insurance Policies Up 12% in Panama

August 2014

The amount of premiums written during the first half of 2014 totaled $657 million, which is 12% more than in the same period in 2013.

Of the total of premiums paid in the first six months of the year, health insurance, group life and car policies accounted for about 45%. In the case of auto insurance, one of the fastest growing in the country, the total was $112.4 million, 9.78% more than in the first half of 2013.

Panama: Insurance Sales Up 18%

July 2013

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.

Costa Rica: Insurance Market is healthy

February 2014

Total premiums grew by 11% during 2013 and amount to $1.046 billion, the highest figure since the market opened in 2008.

During 2013, the total insurance market grew by 11% and total premiums added up to $1.046 billion, while in 2008 the figure was $611 million. Life policies and motor were the most popular during 2013.

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