SPOTLIGHT: Panama's life insurance market

Thursday, April 20, 2017

New Orleans-based Pan-American Life (PALIG) continued to lead and outperform its competitors in Panama's life insurance market in January-February.

While some of its closest competitors such as ASSA and Mapfre saw their share of premiums decline in the two months compared with full-year 2016, PALIG's increased to 21% from 18.9%, the largest rise in the system.

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"Panama, a small country, is for us number one in revenues [in Latin America]. To give you an idea, of the US$1bn in revenues [in 2016], Panama represents 11.3%, so it is very relevant for us," José Suquet, PALIG's CEO and chairman, told BNamericas in March.

In Latin America PALIG also operates in Colombia, Ecuador, Mexico and Costa Rica.