Insurance intermediaries play a pivotal role in the Panamanian insurance market and understanding the dynamics of intermediary commissions is crucial. As of Q1.2024, the total commissions paid to insurance intermediaries in Panama amounted to USD 50.8 million, marking a significant increase from the USD 48.6 million recorded in the same period of 2023. This nominal year-on-year variation represents a 4.5% growth.
In the competitive landscape of Panamanian insurance, these are the companies lead the market in terms of commissions to sales channels. ASSA Compañía de Seguros stands out with a commanding 22.4% market share. Following closely are Seguros Suramericana with 17.8%, Compañía Internacional de Seguros with 14.6%, Pan American Life Insurance de Panamá with 9.4%, and Mapfre Panamá with 8.2%. Collectively, these top five companies hold a substantial 72.6% market share indicating their dominance in the distribution of commissions across various insurance types.
Furthermore, analyzing the growth in market share for commissions, Seguros FEDPA emerges as the leader, gaining 1.92 market share points. Seguros Suramericana also showed significant growth, with an increase of 1.08 points, followed by Interamericana Fianzas y Seguros with 0.53 points. Worldwide Medical Assurance and Óptima Compañía de Seguros saw gains of 0.46 and 0.34 percentage points, respectively.
