Panama Insurance Q4 2018
The Panama insurance industry is relatively well-established compared to its Latin American peers and is characterisedby high levels of density and penetration. The insurance sector dynamics are reflective of relatively strong household incomes andthe large national financial sector. We note that the five-year outlook for both the life and non-life sectors is positive, driven by strongheadline macroeconomic performance, rising incomes, healthy domestic consumption levels and strengthening enterprisesentiment. We are of the view that local carriers are well positioned to capitalise on the organic growth trends as they enjoysignificant economies of scale and brand loyalty. The recent high-profile exits of multinationals, including AIG and Generali, illustratesthe challenges foreign providers face in establishing a foothold in this competitive marketplace.
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