The Insurance Industry in Panama, Key Trends and Opportunities to 2019

The Insurance Industry in Panama, Key Trends and Opportunities to 2019

Synopsis

Timetric’s 'The Insurance Industry in Panama, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Panamanian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Panamanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'The Insurance Industry in Panama, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Panamanian insurance industry, including:

  • The Panamanian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Panamanian economy and demographics
  • The detailed competitive landscape in the Panamanian insurance industry
  • The various distribution channels in the Panamanian insurance industry
  • Details of regulatory policy applicable to the Panamanian insurance industry
  • Analysis of natural hazards in Panama
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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key segments in the Panamanian insurance industry, with market forecasts to 2019.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • It analyzes the various distribution channels in Panama.
  • 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 market data related to the Panamanian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Panamanian insurance industry.
  • Assess the competitive dynamics in the Panamanian insurance industry.
  • Identify 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
  • In 2015, SSRP announced that the National Bank of Panama (BNP) and Savings Bank will engage in the marketing, retail and distribution of microinsurance products in Panama.
  • In 2015, Pan American Life Insurance de Panamá SA led the life insurance segment with 18.5% of its gross written premium. Compañía Internacional de Seguros SA was the leading non-life insurer in 2015, with 17.4% of the segment’s gross written premium.
  • The country’s insurance industry also benefited from the growth of captive insurance and reinsurance as a result of a favorable tax structure.
  • The Panamanian insurance industry is moderately consolidated, with 29 insurance companies operating in the industry as of April 2015.
  • Captive insurance thrives in Panama as a result of the country’s tax benefits for foreign investors: no tax is charged on corporate dividends earned from foreign-sourced income.


  • Key Facts and Highlights
    • Table Panamanian Insurance Industry - Key Facts
  • Executive Summary
  • Economy and Demographics
    • Table Panama - Government Credit Ratings
  • Panamanian Insurance Industry Overview
    • The Panamanian Insurance Industry
      • Table Panamanian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2014
      • Table Panamanian Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019
      • Table Panamanian Insurance - Segmentation by Gross Written Premium (Percentage Share), 2010-2019
      • Table Panamanian Insurance Direct Written Premium by Segment (US$ Million), 2010-2014
      • Table Panamanian Insurance Direct Written Premium by Segment (US$ Million), 2014-2019
      • Table Panamanian Insurance Segmentation by Direct Written Premium (Percentage Share), 2010-2019
  • Life Insurance
    • Table Panamanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2010-2014
    • Table Panamanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2014-2019
    • Table Panamanian Life Insurance Segmentation by Gross Written Premium (Percentage Share), 2010-2019
    • Table Panamanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2010-2014
    • Table Panamanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2014-2019
    • Table Panamanian Life Insurance Segmentation by Direct Written Premium (Percentage Share), 2010-2019
    • Table Panamanian Life Insurance - Paid Claims (US$ Million), 2010-2014
    • Table Panamanian Life Insurance - Paid Claims (US$ Million), 2014-2019
    • Table Panamanian Life Insurance - Incurred Loss (US$ Million), 2010-2014
    • Table Panamanian Life Insurance - Incurred Loss (US$ Million), 2014-2019
    • Table Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
    • Table Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
    • Table Panamanian Life Insurance - Total Assets (US$ Million), 2010-2014
    • Table Panamanian Life Insurance - Total Assets (US$ Million), 2014-2019
    • Table Panamanian Life Insurance - Net Written Premium (US$ Million), 2010-2014
    • Table Panamanian Life Insurance - Net Written Premium (US$ Million), 2014-2019
  • Non-Life insurance
    • Table Panamanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Panamanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Panamanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Panamanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2010-2014
    • Table Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2014-2019
    • Table Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2010-2014
    • Table Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2014-2019
    • Table Panamanian Non-Life Insurance - Loss Ratio (%), 2010-2014
    • Table Panamanian Non-Life Insurance - Loss Ratio (%), 2014-2019
    • Table Panamanian Non-Life Insurance - Combined Ratio (%), 2010-2014
    • Table Panamanian Non-Life Insurance - Combined Ratio (%), 2014-2019
    • Table Panamanian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014
    • Table Panamanian Non-Life Insurance - Total Assets (US$ Million), 2014-2019
    • Table Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2010-2014
    • Table Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2014-2019
    • Property Insurance
      • Table Panamanian Property Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Panamanian Property Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Motor Insurance
      • Table Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Liability Insurance
      • Table Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Marine, Aviation and Transit Insurance
      • Table Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2014-2019
  • Personal Accident and Health Insurance
    • Table Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Panamanian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2014-2019
    • Table Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2014-2019
    • Table Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
    • Table Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
    • Table Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2014-2019
    • Table Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2014-2019
    • Personal Accident Insurance
      • Table Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Health Insurance
      • Table Panamanian Health Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Panamanian Health Insurance - Gross Written Premium (US$ Million), 2014-2019
  • Reinsurance
    • Table Panamanian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
    • Table Panamanian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
    • Table Panamanian Life Insurance - Percentage of Premium Ceded (%), 2010-2014
    • Table Panamanian Life Insurance - Percentage of Premium Ceded (%), 2014-2019
    • Table Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2010-2014
    • Table Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2014-2019
    • Table Panamanian Personal Accident and Health Insurance - Percentage of Premium Ceded (%), 2010-2014
    • Table Panamanian Personal Accident and Health Insurance - Percentage of Premium Ceded (%), 2014-2019
  • Distribution Channel Outlook
  • Natural Hazards
    • Table Panama Average Annual Loss by Hazard, 1990-2014
    • Floods
    • Earthquakes
    • Drought
    • Exposure
  • Competitive Landscape
    • Overview
      • Table Panamanian Insurance - Industry Shares, 2015
      • Table Panamanian Life Insurance - Segment Shares, 2015
      • Table Panamanian Non-Life Insurance - Segment Shares, 2015
    • Leading Companies
      • Compañía Internacional de Seguros SA - company overview
        • Table Compañía Internacional de Seguros SA - Key Facts
      • Assa Compañía de Seguros SA - company overview
        • Table Assa Compañía de Seguros SA - Key Facts
      • Mapfre Panama SA - company overview
        • Table Mapfre Panama SA - Key Facts
      • Seguros Suramericana SA - company overview
        • Table Seguros Suramericana SA - Key Facts
      • Pan-American Life Insurance de Panama SA - company overview
        • Table Assa Compañía de Seguros SA - Key Facts
      • Assicurazioni Generali SA - company overview
        • Table Assicurazioni Generali SA - Key Facts
      • Aseguradora Ancon SA - company overview
        • Table Aseguradora Ancon SA - Key Facts
      • General de Seguros SA - company overview
        • Table General de Seguros SA - Key Facts
      • Worldwide Medical Assurance Ltd SA - company overview
        • Table Worldwide Medical Assurance Ltd SA - Key Facts
      • AIG Seguros SA - company overview
        • Table AIG Seguros SA - Key Facts
  • Governance, Risk and Compliance
    • Table Panama - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Panama - Life Insurance Regulatory Framework
      • Property insurance
        • Table Panama - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Panama - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Panama - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance regulations
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Insurance for vehicles carrying dangerous material
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Association of Insurance Supervisors Latin America
      • Superintendent of Insurance and Reinsurance
      • La Asociación Panameña de Aseguradores
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a domestic company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Panama - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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