Insurance: Higher Premiums, But More Losses

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Insurance: More Premiums, But More Losses

In 2017 in Panama, premiums totaled $1.471 billion, 5% more than in 2016, but the loss ratio in fires and floods increased almost four times.

Tuesday, January 30, 2018

According to a report by the Superintendency of Insurance and Reinsurance of Panama (SSRP), in 2017 market growth was accompanied by an increase in claims, as insurance companies paid out $119 million for the fire and flood coverage policies, a figure that exceeds the $26 million disbursed in 2016 by 365%.

Regarding the accident rate recorded in the last year, José Joaquín Riesen, superintendent of SSRP, explained to Prensa.com that " ... there are some warehouses that have adequate facilities, but many others do not have the necessary fire safety and prevention measures.'This affects us, because the Colon Free Zone is a storage hub. The impact goes beyond fire, it denotes lack of basic prevention '... ".

Prensa.com reports that "...The sector has grown steadily since 2012.  However, the increase in the economy has been higher, which has meant a reduction in the participation of the insurance sector in the gross domestic product."

 

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