Insurance Market in Panama: 2019Q3 Overview
Panama´s insurance industry net premiums written totaled USD 1141 million, with premiums recorded by life/annuity insurers accounting for 49 percent, and premiums by property/casualty (P/C) insurers accounting for 51 percent.
P/C insurance consists primarily of auto, fire insurance and surety. On the other hand, life insurance consists mainly of individual life, group life and health insurance.
There are 23 insurance companies in Panama. The five most important insurers together manage 74.5% of the market volume.
Insurance companies operating in Panama’s insurance market have demonstrated sound capitalization levels and profitable underwriting practices. However, claims expenses are increasingly pressuring premium sufficiency, signaling a highly competitive environment. Panama is an important driver of the Central American insurance premium volume.
Insurance carriers and related activities will contribute 2.4 percent, to the nation’s gross domestic product (GDP) in 2019 according to the Insurance in Latin America 2019 Report.
Panama Life and P/C Insurance direct premiums, market share
TOP 10 Insurance Companies in Panama performance summary
Insurers annual performance in Panama, Premium Volume, USD millions
Insurers annual performance in Panama, Market Share, %
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