The Insurance Industry in Panama, Key Trends and Opportunities to 2018, New Report Launched

The report provides in-depth industry analysis, information and insights into the insurance industry in Panama, including:

• The Panamanian insurance industry’s growth prospects by insurance segment and category
• The competitive landscape in the Panamanian insurance industry
• The current trends and drivers in the Panamanian insurance industry
• Challenges facing the Panamanian insurance industry
• The detailed regulatory framework of the Panamanian insurance industry

Panama is one of the most promising economies in Central America, and the second-largest in Latin America after Chile. The country’s economy is dependent on its service industry, especially banking and tourism, and ranked 40th on the 2013 Global Competiveness Index. The industry grew in terms of gross written premium value recording a review-period (2009–2013) CAGR of 10.3%. Over the forecast period (2013–2018), the industry is projected to register a CAGR of 9.7%. Following a process of currency substitution, Panama adopted the US dollar after independence, which resulted in a fall in transaction costs when trading with other countries also using the dollar. The industry is regulated by Superintendent of Insurance and Reinsurance (SSRP) and consists of 32 insurers. The five leading insurers together accounted for 62.8% (US$496.4 million) of the total industry’s premium in 2013.

Scope

This report provides a comprehensive analysis of the insurance industry in Panama:

• It provides historical values for the Panamanian insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
• It offers a detailed analysis of the key segments and categories in the Panamanian insurance industry, along with forecasts until 2018.
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
• It profiles the top insurance companies in Panama, and outlines the key regulations affecting them.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast industry data related to the Panamanian insurance industry and each segment within it.
• Understand the demand-side dynamics, key trends and growth opportunities in the Panamanian insurance industry.
• Assess the competitive dynamics in the Panamanian insurance industry.
• Identify the growth opportunities and market dynamics in key segments.
• Gain insights into key regulations governing the Panamanian insurance industry, and their impact on companies and the industry's future.

Key Highlights

• Panama is one of the fastest-growing economies in Central America and recorded the highest GDP growth rate (CAGR of 8.8%) in 2013
• The Panamanian insurance industry grew at a CAGR of 10.3% during the review period
• The new insurance law, Law 12 will open distribution channels and liberalize the insurance industry
• The widening of the Panama Canal will also increase water traffic, with approximately 4,750 additional ships annually
• Low penetration offers opportunities for new insurers to enter and participate in the industry
• The Panamanian insurance industry is supervised and regulated by Superintendencia de Seguros y Reaseguros de Panama (SSRP)
• The Panamanian insurance industry is moderately consolidated and consisted of 32 insurers in 2013
• SSRP increased the minimum paid capital requirement from US$2.0 million to US$5.0 million

Spanning over 161 pages, “The Insurance Industry in Panama, Key Trends and Opportunities to 2018” report covering the Executive Summary, Introduction, Panamanian Insurance Industry Overview, Industry Segmentation, Competitive Landscape, Economic Indicators, Appendix. The report covered companies are - ASSA Compañía de Seguros SA, Compañía Internacional de Seguros SA, Mapfre Panama SA, Assicurazioni Generali SpA, Pan American Life Insurance de Panama SA

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