Panama insurance industry in H2 slowdown
Panama's insurance industry has experienced a slowdown in premium growth during the second half of the year.
After growth of 9.29% in 2013, Panamanian insurers started the year strongly, with premiums up 11.5% in the first six months, while the head of regulator Superseguros, Luis Della Togna, estimated a 10% full-year expansion from the US$1.24bn in written premiums last year.
The latest data from the regulator, however, suggests that growth may be in single digits.
Local insurance premiums rose 7.56% in first 11 months, hit by a deceleration in civil responsibility, technical lines and auto insurance, partially offset by accelerating individual and group life premiums.
With total written premiums of US$1.19bn in the January-November period, Panama's insurance industry would need to write US$181mn in December – 89.1% higher than in November and 29.3% higher year-on-year – in order to reach a growth rate of 10% for the full 2014.
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