Panama: The Largest Insurance Market in the Isthmus

Panamanian insurers managed to sell $1.1 billion worth in 2011, beating Costa Rica ($794 million) and Guatemala ($620 million).

Monday, April 9, 2012

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.

More on this topic

Panamanian Insurer Enters Colombia

May 2012

Grupo Assa is the largest shareholder of Cardinal Insurance, a company that began operations in Colombia offering compliance, guarantees and legal liability policies.

Grupo Assa of Panama has entered the insurance market in Colombia under the banner of Cardinal Insurance, after a successful expansion in Costa Rica, El Salvador and Nicaragua.

Changes in Nicaraguan Insurance Market

May 2013

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.

Five Insurers Dominate Panamanian Market

January 2012

Internacional de Seguros and ASSA are the industry leaders of a sector that netted $936 million in premiums in 2011, a 16% growth.

Five companies control the insurance market in Panama: Internacional de Seguros, ASSA, Mapfre Panamá, Assicurazioni Generali and Aseguradora Ancón.

Panama: Insurance Market in March 2015

May 2015

In the first quarter of the year, total premiums in the country totaled $338 million, 5% more than in the same period last year, driven by automobile insurance.

Vehicle insurance is the most in demand, reporting $63 million in premiums from January to March 2015, representing an increase of 11.8% compared to the same period last year.

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