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Panama Insurance Report Q2 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 50 pages

Includes 3 FREE quarterly updates

BMI View: Panama has a well-established insurance market which writes among the highest premiums inthe region. The non-life sector continues to outpace the life sector, benefiting from Panama's role as aregional financial hub and strong demand for a range of covers including engineering and constructionlines, as well as basic motor and property for individual consumers. We do expect to see sustained premiumgrowth in both sectors, based upon wider economic growth in Panama as average household income ratesrise and boost private consumption. Insurers may also be able to stimulate growth by broadening theavailability of more affordable micro-insurance products and expanding distribution channels.

Key Updates and Forecasts

- Regional insurers are strengthening their presence both in Panama and throughout Central and LatinAmerica. Colombia's Grupo Sura announced in March 2016 it was increasing its holding in Sura AssetManagement by acquiring General Atlantic's stake for USD538mn. This followed the news in 2015that had bought the Latin America unit of RSA (a UK based insurer). The group has previously expandedby acquiring the pension/insurance assets of ING and Panama operations of HSBC.

- Panama's insurance market offers significant growth potential, particularly as the country has a wellestablishedfinancial market and regulatory system. We are forecasting growth of just under 7% annuallybetween 2016 and 2020 in the non-life sector, where premiums are expected to reach USD1.5bn in 2020.

- The life sector is considerably smaller, having been hampered in the past by widespread poverty. Weexpect solid gains in the life insurance sector to be made throughout the forecast period, with premiumscurrency forecast to reach USD455mn in 2020, up from USD349mn in 2016.

Table Of Contents

Panama Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Panama 2013-2020) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Panama 2013-2020) 11
Table: Life Insurance Claims (Panama 2008-2014) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Panama 2013-2020) 15
Table: Non-Life Insurance Claims (Panama 2009-2014) 16
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums By Product Line (Panama 2013-2020) 24
Industry Risk Reward Ratings 26
Latin America Insurance Risk/Reward Index 26
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q216 27
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 28
Table: Life Insurance Market Shares (USDmn) 2011-2014 30
Non-Life Market Overview 32
The Product Offering 32
The Competitive Landscape 32
Table: Non-life Insurance Market Shares (USDmn) 2011-2014 34
Company Profile 35
Compania Internacional de Seguros 38
Methodology 44
Industry Forecast Methodology 44
Risk/Reward Index Methodology 47
Table: Indicators 49
Table: Weighting of Indicators 50

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