Premiums rise 30% January-October

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Tuesday, November 25, 2008

Panama's insurance industry reported a 30.0% rise in written premiums for the first 10 months of this year compared to the same period in 2007, according to figures from the insurance regulator.

Total premiums amounted to US$606mn in January-October compared to US$466mn in the same stretch of 2007.

Premiums are expected to keep up the current pace of growth until the end of the year, Bosco Quintero, executive director of Panama's insurance association Apadea, told BNamericas.

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Auto insurance, the largest segment, rose 36.4% to US$124mn.

Growth in this line of business has been supported by the new obligatory auto insurance law, Quintero said.

Total claims grew 36.8% to US$263mn in the 10 months compared to US$192mn in the same period in 2007.