As of June 2024, Panama's insurance market continues to demonstrate a strong concentration among a few leading players, with a significant portion of the business being controlled by the top five insurers. The leaders in terms of direct premium volume, considering all types of coverage, are dominated by ASSA Compañía de Seguros, which holds a commanding 23.3% of the market share. The next largest player is Compañía Internacional de Seguros with 15.5%, followed by MAPFRE Panamá at 13.8%. Pan American Life Insurance de Panamá and Seguros Suramericana complete the top five, with 8.2% and 8.1% market shares, respectively. Collectively, these five entities account for 68.8% of the total business in Panama's insurance sector.
In terms of growth in market share between March and June 2024, ASSA Compañía de Seguros again stands out with the most significant increase, gaining 1.55 percentage points. Interamericana Fianzas y Seguros followed closely, growing its market share by 1.34 points. Compañía Internacional de Seguros also experienced notable growth with a 0.69-point increase. Other companies such as Multibank Seguros and La Regional de Seguros showed minor gains, with 0.10 and 0.03 percentage points, respectively.
Looking specifically at the life, accidents, and health insurance segment, ASSA Compañía de Seguros leads with a 20.4% market share, while Pan American Life Insurance de Panamá ranks second with 16.4%. Compañía Internacional de Seguros holds 15.7%, and MAPFRE Panamá follows with 14.3%. Mercantil Panamá Seguros rounds out the top five with 5.7%. Together, these insurers manage 72.6% of the total business in this segment.
In the non-life and surety bonds segment, ASSA Compañía de Seguros once again tops the list with a market share of 26.2%. Compañía Internacional de Seguros takes second place with 15.2%, and MAPFRE Panamá follows with 13.3%. Seguros Suramericana and Seguros Fedpa complete the top five with market shares of 11.0% and 6.5%, respectively. These five companies collectively manage 72.1% of the business in this sector.
This data underscores the high level of concentration in Panama's insurance market, where a handful of companies continue to dominate both life and non-life insurance segments. The sustained growth of market leaders such as ASSA Compañía de Seguros highlights the competitive dynamics in the industry, with a clear focus on both expansion and market consolidation.
In the non-life and surety bonds segment, ASSA Compañía de Seguros once again tops the list with a market share of 26.2%. Compañía Internacional de Seguros takes second place with 15.2%, and MAPFRE Panamá follows with 13.3%. Seguros Suramericana and Seguros Fedpa complete the top five with market shares of 11.0% and 6.5%, respectively. These five companies collectively manage 72.1% of the business in this sector.
This data underscores the high level of concentration in Panama's insurance market, where a handful of companies continue to dominate both life and non-life insurance segments. The sustained growth of market leaders such as ASSA Compañía de Seguros highlights the competitive dynamics in the industry, with a clear focus on both expansion and market consolidation.
