In Panama, in the first quarter health insurance policies worth $46,091,432 U.S. dollars were sold, which is an increase of 10% compared to the first quarter in 2011, said Eduardo Fabrega German, president of the Panamanian Association of Insurers (Apadea).
That increase is the equivalent of $9,195,539 more. Health policies were the second most frequently sold in the Panamanian insurance industry in the first quarter.
"In Panama, consumers are opting to buy health insurance policies for care at private clinics and hospitals, so as to receive better medical care, and more rapid and reliable service than that provided by state hospitals", reported Pananaamerica.com.pa.
"These figures show that with each passing day we are reaching more Panamanians and the foreigners who reside in the Isthmus", said Fabrega.
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The Decline of the State Social Security Fund is forcing Costa Ricans to seek private health insurance.
Buying private health insurance could be an option for Costa Ricans in the face of deficiencies in the Social Security Fund (CCSS), a state health system that is ailing.
Two new companies sold 17% of this sector of the Costa Rican market.
Panamerican Life and Seguros de Alico are the main rivals of the National Insurance Institute (INS), with a share of 14% of the personal insurance policies sold in the Costa Rican market, while other private companies control 4%.
The insurer will launch a strong campaign to enter the market, looking to create demand for its services.
Eugenio Magdalena, executive vice president of International Markets at Pan-American, remarked that the company will provide individual insurance, focusing on life, health and accident policies.