Thursday 22 January 2015

Panama Insurance Industry,Market Key Trends and Opportunities to 2018

The report provides in-depth industry analysis, information and insights into the insurance industry in Panama, including:

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The Panamanian insurance industry’s growth prospects by insurance segment and category
The competitive landscape in the Panamanian insurance industry
The current trends and drivers in the Panamanian insurance industry
Challenges facing the Panamanian insurance industry
The detailed regulatory framework of the Panamanian insurance industry

Executive summary

Panama is one of the most promising economies in Central America, and the second-largest in Latin America after Chile. The country’s economy is dependent on its service industry, especially banking and tourism, and ranked 40th on the 2013 Global Competiveness Index. The industry grew in terms of gross written premium value recording a review-period (2009–2013) CAGR of 10.3%. Over the forecast period (2013–2018), the industry is projected to register a CAGR of 9.7%. Following a process of currency substitution, Panama adopted the US dollar after independence, which resulted in a fall in transaction costs when trading with other countries also using the dollar. The industry is regulated by Superintendent of Insurance and Reinsurance (SSRP) and consists of 32 insurers. The five leading insurers together accounted for 62.8% (US$496.4 million) of the total industry’s premium in 2013.

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Scope


This report provides a comprehensive analysis of the insurance industry in Panama:

It provides historical values for the Panamanian insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Panamanian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Panama, and outlines the key regulations affecting them.

Reasons to buy


Make strategic business decisions using in-depth historic and forecast industry data related to the Panamanian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities in the Panamanian insurance industry.
Assess the competitive dynamics in the Panamanian insurance industry.
Identify the growth opportunities and market dynamics in key segments.
Gain insights into key regulations governing the Panamanian insurance industry, and their impact on companies and the industry's future.

Key highlights

Panama is one of the fastest-growing economies in Central America and recorded the highest GDP growth rate (CAGR of 8.8%) in 2013
The Panamanian insurance industry grew at a CAGR of 10.3% during the review period
The new insurance law, Law 12 will open distribution channels and liberalize the insurance industry
The widening of the Panama Canal will also increase water traffic, with approximately 4,750 additional ships annually
Low penetration offers opportunities for new insurers to enter and participate in the industry
The Panamanian insurance industry is supervised and regulated by Superintendencia de Seguros y Reaseguros de Panama (SSRP)
The Panamanian insurance industry is moderately consolidated and consisted of 32 insurers in 2013
SSRP increased the minimum paid capital requirement from US$2.0 million to US$5.0 million

Table Of Content

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Panamanian Insurance Industry Overview
3.1 Panamanian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges

4 Industry Segmentation
4.1 Life Insurance
4.2 Individual Life Insurance
4.3 Life Insurance by Category
4.3.1 Individual whole life insurance
4.3.2 Individual general annuity insurance
4.3.3 Group whole life insurance
4.4 Non-Life Insurance
4.4.1 Property insurance
4.4.2 Motor insurance
4.4.3 Liability insurance
4.4.4 Marine, aviation and transit insurance
4.5 Personal Accident and Health Insurance
4.5.1 Personal accident insurance
4.5.2 Health insurance
4.6 Reinsurance

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 ASSA Compañía de Seguros SA – company overview
5.2.2 Compañía Internacional de Seguros SA – company overview
5.2.3 Mapfre Panama SA – company overview
5.2.4 Assicurazioni Generali SpA – company overview
5.2.5 Pan-American Life Insurance de Panama SA – company overview

6 Economic Indicators
6.1 GDP at Constant Prices (US$)
6.2 GDP at Current Prices (US$)
6.3 GDP per Capita at Current Prices (US$)
6.4 Inflation
6.5 Life Expectancy
6.6 Labor Force
6.7 Unemployment
6.8 Total Number of Internet Users
6.9 Urban and Rural Populations
6.10 Total Population

7 Appendix
7.1 Methodology
7.2 Contact Timetric
7.3 About Timetric
7.4 Timetric’s Services
7.5 Disclaimer

List of Tables


Table 1: Insurance Industry Definitions
Table 2: Panamanian Insurance – Gross Written Premium by Segment (US$ Billion), 2009–2013
Table 3: Panamanian Insurance – Gross Written Premium by Segment (US$ Billion), 2013–2018
Table 4: Panamanian Insurance – Segmentation by Gross Written Premium (Percentage Share), 2009–2018
Table 5: Panamanian Insurance – Direct Written Premium by Segment (US$ Billion), 2009–2013
Table 6: Panamanian Insurance – Direct Written Premium by Segment (US$ Billion), 2013–2018
Table 7: Panamanian Insurance – Segmentation by Direct Written Premium (Percentage Share), 2009–2018
Table 8: Panamanian Life Insurance – Gross Written Premium by Sub-Segment (US$ Million), 2009–2013
Table 9: Panamanian Life Insurance – Gross Written Premium by Sub-Segment (US$ Billion), 2013–2018
Table 10: Panamanian Life Insurance – Segmentation by Gross Written Premium (Percentage Share), 2009–2018
Table 11: Panamanian Life Insurance – Direct Written Premium by Sub-Segment (US$ Million), 2009–2013
Table 12: Panamanian Life Insurance – Direct Written Premium by Sub-Segment (US$ Million), 2013–2018
Table 13: Panamanian Life Insurance Segmentation by Direct Written Premium (Percentage Share), 2009–2018
Table 14: Panamanian Individual Life Insurance – Gross Written Premium by Category (US$ Million), 2009–2013
Table 15: Panamanian Individual Life Insurance – Gross Written Premium by Category (US$ Million), 2013–2018
Table 16: Panamanian Individual Life Insurance – Direct Written Premium by Category (US$ Million), 2009–2013
Table 17: Panamanian Individual Life Insurance – Direct Written Premium by Category (US$ Million), 2013–2018
Table 18: Panamanian Life Insurance – Paid Claims (US$ Million), 2009–2013
Table 19: Panamanian Life Insurance – Paid Claims (US$ Million), 2013–2018
Table 20: Panamanian Life Insurance – Incurred Loss (US$ Million), 2009–2013

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