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Insurance As A Business Sector; Legislative Efforts to Boost that Sector

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Note: highlighting is of my doing, not part of the source. Then refer to the next posting.

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Panama Insurance Market - September 2016

In the first nine months of the year premium income barely exceeded $1 billion, growing by less than 1% compared to the same period in 2015.

Monday, November 14, 2016

The premiums of insurance companies between January and September totaled $1.023 billion, registering a slight increase of 0.8% or $7.7 million compared with the $1,015 million in the same period last year, according to the Superintendency of Insurance in Panama.

The stagnation in growth is explained by a fall of almost 10% in underwriting premiums in the category of various risks, and falling 52% in the field of theft. In the case of bonds a low of 24% was also recorded. 

Auto insurance premiums generated $198 million in the period in question, 6% more than during the previous period. 

See report full by the Superintendent of Insurance.

http://www.centralamericadata.com/en/article/home/Panama_Insurance_Market__September_2016

Edited by Moderator_02
edited title to make it a bit more general

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Just curious if there is a correlation between the action reported here and the prior posting?

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Panama: New Taxes on Insurance

Approval has been given to the law that imposes a 2% tax on gross premiums for insurance policies on risks located in Panama and an additional 5% on gross premiums for fire insurance.

Thursday, October 27, 2016

Bill 359 approved on its third reading by the National Assembly of Panama states:

Article 63. Tax on Premiums. Insurance companies will pay to the National Treasury a tax of 2% on gross premiums they receive in respect to insurance policies issued in the country on risks located in Panama.  

Also the insurance companies will pay to the Treasury an additional 5% tax on gross premiums they receive in respect to insurance against fire, an amount that will be charged by insurance companies to policyholders. The proceeds of this tax will be used, up to eighty percent (80%), for the purchase of materials, equipment, fire fighting vehicles, ambulances, uniforms for fire fighting, construction, repair, maintenance of infrastructure and other resources needed for the Institution to carry out its tasks; and up to twenty percent (20%) for other operating expenses, including increases in the wage scale.  

These funds will be transferred by the Ministry of Economy and Finance to the Meritorious Fire Department of the Republic of Panama, for the purposes of becoming part of the trust estate established pursuant to Law 10 of 2010. For the purposes of these taxes, insurance companies are designated as agents for withholding and collection of tax.

See bill approved by the Assembly (in spanish).

http://www.centralamericadata.com/en/article/home/Panama_New_Taxes_on_Insurance

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Panama: Insurance Premiums Growing at a Slower Rate

In 2016 subscriptions to insurance policies grew by only 0.5% compared to the previous year, which is below the growth rate of 3.4% recorded between 2014 and 2015.

Monday, February 20, 2017

The speed at which premiums are growing in the Panamanian insurance market has been declining since 2013. Between 2012 and 2013, registered growth was 9.3%, followed by an increase of 7.9% between 2013 and 2014.

Figures from the General Comptroller show that in 2016 insurance premiums in the field of personal accident were the fastest growing category, with an increase of 41% compared to 2015. The were followed by health insurance policies and group life policies, each with increases of 10%.

In total the value of premiums written in the year was $1.396 billion, while in 2015 the total was $1.388 billion.

See statistics by the SSF.

http://www.centralamericadata.com/en/article/main/Panama_Insurance_Premiums_Growing_at_a_Slower_Rate

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Panama: Insurance Market Up 4%

Between January and October 2017, premiums grew 4% compared to the same period in 2016, explained in part by a 9% increase in health insurance and 14% in collective life insurance.

Tuesday, January 9, 2018

Figures published by the Comptroller General of the Republic indicate that premiums in the Individual Life insurance sector registered an increase of 4.4%, while those of Health increased 9%. On the other hand, collective life insurance premiums increased 14.3%. 

Auto insurance premiums grew 4% in the period in question, while those for Other Transports fell almost 18%.

See figures.

 

https://www.centralamericadata.com/en/article/main/Panama_Insurance_Market_Up_4

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Insurance Market Grows up to March 2018

In Panama during the first three months of the year $367 million was written in premiums, which is 2% more than the $360 million reported in the same period in 2017.

Wednesday, May 16, 2018

During the first quarter of 2018, the three insurance companies that wrote the largest proportion of these premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with $70 million, $62 million and $56 million, respectively.

See "Regional insurance market with good figures"

According to a report by the Superintendency of Insurance and Reinsurance of Panama, they were followed by Seguros Suramericana, with $35 million, Pan Americcan Life Insurance, with $33 million, and Assicurazioni Generali, with $26 million.

Regarding the insurance lines that Assa Compañía de Seguros wrote, the report states that of the $70 million reported by this company, $13 million corresponds to fire insurance, $11 million to health and $9 million to automobiles. 

See figures by company and by claims and branches. (In Spanish)

 

https://www.centralamericadata.com/en/article/main/Insurance_Market_Grows_up_to_March_2018

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Insurance Market Up 5%

In the first nine months of this year, premiums of $1,115 million were written in Panama, exceeding by 4.9% the value reported in the same period of 2017.

Monday, November 5, 2018

The latest data from the Insurance and Reinsurance Superintendence, between the first nine months of 2017 and the same period in 2018, the value of premiums written went from $1.063 million to $1.115 million.

Up to September this year, by category, health policies are the ones that maintain the largest proportion of the market with 21% of the total, followed by cars with 20% and life groups $227 million.

For the periods in question, the health premiums written increased 9%, rising from $214 million in 2017 to $233 million in 2018.

See full figures.

 

https://www.centralamericadata.com/en/article/main/Insurance_Market_Increases_5

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Insurance: Changes in Law Dynamize Market

From January to April of this year, $105 million in auto premiums were underwritten in Panama, 7% more than was reported in the same period in 2018, which is partly because of the modifications to the basic traffic accident insurance.

Monday, July 15, 2019

The latest report of the General Comptroller of the Republic states that between the first quarter of 2018 and the same period of 2019, the value of the premiums subscribed in the automobile branch grew from $98.1 million to $104.5 million, which is equivalent to a 6.5% increase.

You may be interested in "Group Insurance for $5 Million

The year-on-year increase reported this year is greater than that recorded in previous years, since for the first quarter of 2017 and 2018, the variations were 3.7% and 5.6% respectively. See full report.

Jose Joaquin Riesen, Superintendent of Insurance and Reinsurance of Panama (SSRP), explained to Laestrella.com.pa that "... the dynamism in car premiums is a product of the benefits created by Law 2 of May 23, 2018. With the entry into force of this rule we have had a favorable situation in the automobile, because we have more policies, more premiums and fewer claims."

Riesen added that "... this law not only created economic results, but also provided tools that strengthened the system, allowing greater management of the purchase and sale of insurance."

See modifications to the law regulating basic compulsory traffic accident insurance.

 

https://www.centralamericadata.com/en/article/main/Insurance_Changes_in_Law_Dynamize_Market

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Insurance: Panamanian Market Grows to 4%

During the first five months of the year, premiums of $643 million were written, 4% higher than the $619 million reported for the same period in 2018.

Thursday, July 25, 2019

Statistics from the Superintendence of Insurance show that from January to May 2019, the three insurance companies subscribing the highest proportion of market premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with 26%, 16% and 15% respectively.

Prensa.com reports that "... In health policies, customers paid $132.2 million, 4% more than the previous year. The growth is marked by the increase in the number of policies contracted (5.6% to 94,719), but also by the increase in the price of these policies, pressured by the high costs of medical and hospital services. In the case of automobile insurance, premiums underwritten totaled $128.6 million, 3.8% more than in the January-May 2018 period."

The article adds that "... The main income for insurers comes from premiums, and their most representative expense is claims paid to their policyholders. Between January and May, the sector disbursed $291.9 million, 2.9% less than in the same period in 2018. The variation is explained by a notable fall in claims paid in fire insurance (53.5% less for a total of $9.9 million) and helmet (64.1% less for a total of $3 million). On the other hand, the branches that continue to generate the most claims are health ($98.3 million, an increase of 2.2%) and automobiles ($83.2 million, an increase of 3.6%)."

See official statistics.

 

https://www.centralamericadata.com/en/article/main/Insurance_Panamanian_Market_Grows_to_4

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Insurance in Panama: Market Figures up to 1st Semester

Between January and June 2019, premiums increased 4% compared to the same period in 2018, partly because of a 5% increase in health policies and 6% in group life insurance.

Monday, August 19, 2019

The latest data published by the General Comptroller of the Republic indicate that between the first half of 2018 and the same period of 2019 the premiums of the branch of fire and multi-risk insurance registered a 12% increase.

On the other hand, automobile premiums increased 2.5% for the periods concerned, and in the case of personal accidents the reported increase was 9%.

With respect to the amount disbursed for claims, between January and June 2018 and the same period this year a slight decrease was reported, going from $354.7 million to $353 million.

See full report.

 

https://www.centralamericadata.com/en/article/main/Insurance_in_Panama_Market_Figures_up_to_1st_Semester

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