Market Size and Growth
The Panama insurance market continued to expand during the first half of 2026, reaching USD 1.087 billion in Life and Non-Life insurance premiums as of June 2026. This represents an increase from USD 1.030 billion recorded during the same period of 2025.
The market therefore generated an additional USD 57 million in premiums over the twelve-month period, equivalent to a 5.5% year-on-year nominal increase. The results point to continued expansion in Panama's insurance industry, with premium growth strengthening the overall size of the market compared with the previous year.
As of June 2026, Panama represented a relatively concentrated insurance market within the Latin American region, with 22 insurers competing in the market. These companies accounted for 2.8% of the total number of insurers competing across Latin America.
Competitive Structure
The competitive landscape in Panama shows a significant concentration among its leading insurance companies. The three largest insurers collectively accounted for 51.3% of total market share as of June 2026, meaning that more than half of the country's insurance premiums were concentrated among only three companies.
This level of concentration makes the Panamanian insurance market particularly relevant for competitive analysis, as the position of the leading insurers has a substantial impact on overall market dynamics. At the same time, the presence of 22 competing insurers indicates that the market extends beyond the leading group and includes a broader competitive base.
Leading Insurers and Market Shares
ASSA Compañía de Seguros ranked as the largest insurer in Panama, with a 23.7% market share as of June 2026. Its position places the company clearly at the top of the national insurance market and makes it the single largest contributor to the industry's premium volume.
Compañía Internacional de Seguros ranked second, holding a 16.4% market share. Together, ASSA Compañía de Seguros and Compañía Internacional de Seguros represented 40.1% of the Panama insurance market, highlighting the importance of the two leading competitors.
MAPFRE Panamá occupied third position, with an 11.2% market share. The combination of ASSA Compañía de Seguros, Compañía Internacional de Seguros, and MAPFRE Panamá resulted in a 51.3% cumulative market share for the Top 3 insurers.
The Top 10 ranking also includes Pan American Life Insurance de Panamá, Seguros Suramericana, Mercantil Panamá Seguros, General de Seguros, Seguros FEDPA, Aseguradora Ancon, and Worldwide Medical Assurance. Individual market-share percentages for these seven companies were not included in the supplied dataset; therefore, no additional percentages are assigned to them.
The composition of the Top 10 illustrates the presence of both large regional or international insurance groups and companies with an established position in the Panamanian market. Their inclusion in the leading group confirms that competition extends beyond the three largest insurers, although the available data indicate that the market remains strongly concentrated at the top.
Panama Insurance Market Outlook
With USD 1.087 billion in Life and Non-Life premiums at June 2026 and a 5.5% year-on-year nominal growth rate, Panama remains a significant insurance market within Central America and the broader Latin American insurance landscape.
The combination of 22 insurers, representing 2.8% of Latin America's total insurer population, and a 51.3% cumulative market share for the three leading companies defines a market characterized by a relatively broad competitive base but substantial concentration among its largest participants.