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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Panama non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Panama's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Panama non-life (P&C) market as well as trends by line of business. Axco analysts also report on Panama's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Panama's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Panama, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Panama, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Panama with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The Panamanian insurance market in 2020 ranked 62 worldwide in Axco Global Statistics for all classes' premiums. It was at 66 for non-life business, just behind the Dominican Republic and second only to Costa Rica (59) in Central America.
During the period of the Varela administration from 2014 to 2018 annual growth in the non-life market averaged around 1%. There was a contraction of 2.7% in 2019 followed by a further reduction of 7.1% in 2020, when various lines of business - including the largest, motor - were affected by the COVID-19 pandemic ....
This is a brief extract of information; more updated information may be available in the latest published report.
