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

"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.

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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.

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Growing Insurance Market in Nicaragua

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Projections for the insurance industry show growth of between 7 and 8% by the end of 2011.

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