Panamanian insurers managed to sell $1.1 billion worth of insurance in 2011, according to the Superintendency for Insurance and Reinsurance in Panama. With the number of premiums written by the industry beating Costa Rica ($794 million) and Guatemala ($620 million).
The Panamanian market is made up of 31 insurance companies. The vast majority of these companies are affiliated with the Panamanian Association of Insurers (Apadea), and were responsible for 95% of the written premiums in 2011, reported Panamaamerica.com.pa.
The insurer in first place in Panama is the ASSA Insurance Company, which underwrote more than $34 million in January and February, or 18.74% of the pie that makes up insurance sales, according to recent data from the Superintendency for Insurance and Reinsurance in Panama.
ASSA also consolidated in Costa Rica, where premiums exceeded $18 million in 2011 , which represented an increase of 400% compared with 2010. ASSA has a presence in Panama, Costa Rica, El Salvador, Nicaragua and Colombia.
Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.
The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector.
During the first quarter of this year, the sum of the premiums of Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá was around $198 million.
This ranking of premiums prepared by the Superintendency of Insurance and Reinsurance of Panama, shows that Assa Compañía de Seguros comes first in the list with $80.3 million (20.18% market share), followed by Compañía Internacional de Seguros, with $65.3 million (16.41%) and Mapfre Panama in third place with $52.3 million and 13.13% of market share.
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