Market Size and Growth
The insurance market in Panama closed December 2025 with total Life and non-Life premiums of USD 2,106 million, reflecting a nominal year-on-year increase of 7.1% compared to USD 1,965 million recorded at the end of 2024. The expansion confirms a moderate but sustained growth trajectory, supported by gradual economic normalization and stable insurance demand across key business lines.
Within the Latin American context, Panama continues to represent a relatively small but dynamic market. The country concentrates 2.7% of the total number of insurers operating in the region, highlighting its role as a niche but competitive insurance hub in Central America.
Competitive Structure
As of December 2025, the Panamanian insurance sector was composed of 22 active insurers. The market structure shows a high degree of concentration, particularly among the leading carriers, which continue to consolidate their positions through scale, brand strength and distribution capabilities.
The dominance of the top-tier players is evident in the aggregated figures. The ten largest insurers accounted for 85.4% of total market premiums, indicating a competitive environment where mid-sized and smaller companies face structural challenges to gain significant share.
Market Share Leadership
ASSA COMPAÑÍA DE SEGUROS maintained its clear leadership in 2025 with a market share of 23.5%, reinforcing its position as the benchmark carrier in Panama’s insurance industry.
In second place, COMPAÑÍA INTERNACIONAL DE SEGUROS captured 16.1% of premiums, continuing to demonstrate strong commercial traction and a solid multi-line portfolio. MAPFRE PANAMÁ ranked third with a 12.0% share, preserving its relevance as the leading international insurance group in the local market.
The second competitive tier remains closely contested. PAN AMERICAN LIFE INSURANCE DE PANAMÁ reached an 8.5% market share, followed by SEGUROS SURAMERICANA with 7.8%, both maintaining meaningful positions in the upper segment of the ranking.
Among mid-sized players, GENERAL DE SEGUROS reported a 3.9% share, narrowly ahead of MERCANTIL PANAMÁ SEGUROS with 3.8% and SEGUROS FEDPA with 3.7%. The group is completed by ASEGURADORA ANCON, which achieved 3.2%, and WORLDWIDE MEDICAL ASSURANCE, with 2.9% of total premiums.