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Published: Jun, 2016 | Pages:
158 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis Timetric’s 'The Insurance Industry in Panama, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Panamanian insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Panamanian economy and demographics, and provides detailed information on the competitive landscape in the country. The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure. Summary Timetric’s 'The Insurance Industry in Panama, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Panamanian insurance industry, including: • The Panamanian insurance industry's growth prospects by segment and category • A comprehensive overview of the Panamanian economy and demographics • The detailed competitive landscape in the Panamanian insurance industry • The various distribution channels in the Panamanian insurance industry • Details of regulatory policy applicable to the Panamanian insurance industry • Analysis of natural hazards in Panama 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 2010-2014 review period, and projected figures for the 2014-2019 forecast period. • It offers a detailed analysis of the key segments in the Panamanian insurance industry, with market forecasts to 2019. • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions. • It analyzes the various distribution channels in Panama. • 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 market data related to the Panamanian insurance industry and each segment and category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Panamanian insurance industry. • Assess the competitive dynamics in the Panamanian insurance industry. • Identify 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 • In 2015, SSRP announced that the National Bank of Panama (BNP) and Savings Bank will engage in the marketing, retail and distribution of microinsurance products in Panama. • In 2015, Pan American Life Insurance de Panama SA led the life insurance segment with 18.5% of its gross written premium. Companía Internacional de Seguros SA was the leading non-life insurer in 2015, with 17.4% of the segment’s gross written premium. • The country’s insurance industry also benefited from the growth of captive insurance and reinsurance as a result of a favorable tax structure. • The Panamanian insurance industry is moderately consolidated, with 29 insurance companies operating in the industry as of April 2015. • Captive insurance thrives in Panama as a result of the country’s tax benefits for foreign investors: no tax is charged on corporate dividends earned from foreign-sourced income.
Table of Contents 1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Panamanian Insurance Industry Overview 4.1 The Panamanian Insurance Industry 5 Life Insurance 6 Non-Life insurance 6.1 Property Insurance 6.2 Motor Insurance 6.3 Liability Insurance 6.4 Marine, Aviation and Transit Insurance 7 Personal Accident and Health Insurance 7.1 Personal Accident Insurance 7.2 Health Insurance 8 Reinsurance 9 Distribution Channel Outlook 10 Natural Hazards 10.1 Floods 10.2 Earthquakes 10.3 Drought 10.4 Exposure 11 Competitive Landscape 11.1 Overview 11.2 Leading Companies 11.1.1 Compañía Internacional de Seguros SA - company overview 11.1.2 Assa Compañía de Seguros SA - company overview 11.1.3 Mapfre Panama SA - company overview 11.1.4 Seguros Suramericana SA - company overview 11.1.5 Pan-American Life Insurance de Panama SA - company overview 11.1.6 Assicurazioni Generali SA - company overview 11.1.7 Aseguradora Ancon SA - company overview 11.1.8 General de Seguros SA - company overview 11.1.9 Worldwide Medical Assurance Ltd SA - company overview 11.1.10 AIG Seguros SA - company overview 11.3 Legislation Overview and Historical Evolution 11.4 Latest Changes in Regulations 11.5 Legislation and Market Practice by Type of Insurance 11.6 Compulsory Insurance 11.7 Supervision and Control 11.8 Non-Admitted Insurance Regulations 11.9 Company Registration and Operations 11.10 Taxation 11.11 Legal System 12 Governance, Risk and Compliance 12.1.1 Life insurance 12.1.2 Property insurance 12.1.3 Motor insurance 12.1.4 Liability insurance 12.1.5 Marine, aviation and transit insurance 12.1.6 Personal accident and health insurance regulations 12.1.7 Motor third-party liability insurance 12.1.8 Insurance for vehicles carrying dangerous material 12.1.9 International Association of Insurance Supervisors 12.1.10 Association of Insurance Supervisors Latin America 12.1.11 Superintendent of Insurance and Reinsurance 12.1.12 La Asociación Panameña de Aseguradores 12.1.13 Overview 12.1.14 Intermediaries 12.1.15 Market practices 12.1.16 Fines and penalties 12.1.17 Types of insurance organization 12.1.18 Establishing a domestic company 12.1.19 Foreign ownership 12.1.20 Types of license 12.1.21 Capital requirements 12.1.22 Solvency margins 12.1.23 Reserve requirements 12.1.24 Investment regulations 12.1.25 Statutory return requirements 12.1.26 Fee structure 12.1.27 Insurance premium or policy taxation 12.1.28 Withholding taxes on premium paid overseas 12.1.29 Corporate tax 12.1.30 VAT 12.1.31 Captives 12.1.32 Introduction 12.1.33 Access to court 12.1.34 Alternative dispute resolution 13 Definitions and Methodology 13.1 Definitions 13.2 Methodology 14 About Timetric 14.1 Contact Timetric 14.2 About Timetric 14.3 Timetric’s Services 14.4 Disclaimer
List of Tables Table 1: Panamanian Insurance Industry - Key Facts Table 2: Panama - Government Credit Ratings Table 3: Panamanian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2014 Table 4: Panamanian Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019 Table 5: Panamanian Insurance - Segmentation by Gross Written Premium (Percentage Share), 2010-2019 Table 6: Panamanian Insurance Direct Written Premium by Segment (US$ Million), 2010-2014 Table 7: Panamanian Insurance Direct Written Premium by Segment (US$ Million), 2014-2019 Table 8: Panamanian Insurance Segmentation by Direct Written Premium (Percentage Share), 2010-2019 Table 9: Panamanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2010-2014 Table 10: Panamanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2014-2019 Table 11: Panamanian Life Insurance Segmentation by Gross Written Premium (Percentage Share), 2010-2019 Table 12: Panamanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2010-2014 Table 13: Panamanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2014-2019 Table 14: Panamanian Life Insurance Segmentation by Direct Written Premium (Percentage Share), 2010-2019 Table 15: Panamanian Life Insurance - Paid Claims (US$ Million), 2010-2014 Table 16: Panamanian Life Insurance - Paid Claims (US$ Million), 2014-2019 Table 17: Panamanian Life Insurance - Incurred Loss (US$ Million), 2010-2014 Table 18: Panamanian Life Insurance - Incurred Loss (US$ Million), 2014-2019 Table 19: Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014 Table 20: Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019 Table 21: Panamanian Life Insurance - Total Assets (US$ Million), 2010-2014 Table 22: Panamanian Life Insurance - Total Assets (US$ Million), 2014-2019 Table 23: Panamanian Life Insurance - Net Written Premium (US$ Million), 2010-2014 Table 24: Panamanian Life Insurance - Net Written Premium (US$ Million), 2014-2019 Table 25: Panamanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014 Table 26: Panamanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019 Table 27: Panamanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014 Table 28: Panamanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019 Table 29: Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2010-2014 Table 30: Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2014-2019 Table 31: Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2010-2014 Table 32: Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2014-2019 Table 33: Panamanian Non-Life Insurance - Loss Ratio (%), 2010-2014 Table 34: Panamanian Non-Life Insurance - Loss Ratio (%), 2014-2019 Table 35: Panamanian Non-Life Insurance - Combined Ratio (%), 2010-2014 Table 36: Panamanian Non-Life Insurance - Combined Ratio (%), 2014-2019 Table 37: Panamanian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014 Table 38: Panamanian Non-Life Insurance - Total Assets (US$ Million), 2014-2019 Table 39: Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2010-2014 Table 40: Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2014-2019 Table 41: Panamanian Property Insurance - Gross Written Premium (US$ Million), 2010-2014 Table 42: Panamanian Property Insurance - Gross Written Premium (US$ Million), 2014-2019 Table 43: Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2010-2014 Table 44: Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2014-2019 Table 45: Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2010-2014 Table 46: Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2014-2019 Table 47: Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2010-2014 Table 48: Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2014-2019 Table 49: Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014 Table 50: Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019 Table 51: Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014 Table 52: Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019 Table 53: Panamanian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2010-2014 Table 54: Panamanian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2014-2019 Table 55: Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2010-2014 Table 56: Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2014-2019 Table 57: Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014 Table 58: Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019 Table 59: Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014 Table 60: Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019 Table 61: Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2010-2014 Table 62: Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2014-2019 Table 63: Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2010-2014 Table 64: Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2014-2019 Table 65: Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2010-2014 Table 66: Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2014-2019 Table 67: Panamanian Health Insurance - Gross Written Premium (US$ Million), 2010-2014 Table 68: Panamanian Health Insurance - Gross Written Premium (US$ Million), 2014-2019 Table 69: Panamanian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014 Table 70: Panamanian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019 Table 71: Panamanian Life Insurance - Percentage of Premium Ceded (%), 2010-2014 Table 72: Panamanian Life Insurance - Percentage of Premium Ceded (%), 2014-2019 Table 73: Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2010-2014 Table 74: Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2014-2019 Table 75: Panamanian Personal Accident and Health Insurance - Percentage of Premium Ceded (%), 2010-2014 Table 76: Panamanian Personal Accident and Health Insurance - Percentage of Premium Ceded (%), 2014-2019 Table 77: Panama Average Annual Loss by Hazard, 1990-2014 Table 78: Panamanian Insurance - Industry Shares, 2015 Table 79: Panamanian Life Insurance - Segment Shares, 2015 Table 80: Panamanian Non-Life Insurance - Segment Shares, 2015 Table 81: Compañía Internacional de Seguros SA - Key Facts Table 82: Assa Compañía de Seguros SA - Key Facts Table 83: Mapfre Panama SA - Key Facts Table 84: Seguros Suramericana SA - Key Facts Table 85: Assa Compañía de Seguros SA - Key Facts Table 86: Assicurazioni Generali SA - Key Facts Table 87: Aseguradora Ancon SA - Key Facts Table 88: General de Seguros SA - Key Facts Table 89: Worldwide Medical Assurance Ltd SA - Key Facts Table 90: AIG Seguros SA - Key Facts Table 91: Panama - Insurance Regulatory Framework Key Features Table 92: Panama - Life Insurance Regulatory Framework Table 93: Panama - Property Insurance Regulatory Framework Table 94: Panama - Motor Insurance Regulatory Framework Table 95: Panama - Liability Insurance Regulatory Framework Table 96: Panama - Corporate Tax Rates for the Financial Year 2016 Table 97: Insurance Industry Definitions List of Figures Figure 1: Panama - Real GDP (US$ Billion), 2010-2019 Figure 2: Panama - Current Account Balance, 2010-2014 Figure 3: Panama - Consumer Price Inflation, 2010-2019 Figure 4: Panama - Unemployment Rate, 2010-2019 Figure 5: Panama - Population by Age Group, 1991-2025 Figure 6: Panamanian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2019 Figure 7: Panamanian Insurance - Gross Written Premium Market Dynamics by Segment, 2010-2019 Figure 8: Panamanian Insurance Direct Written Premium by Segment (US$ Million), 2010-2019 Figure 9: Panamanian Insurance Direct Written Premium Market Dynamics by Segment, 2010-2019 Figure 10: Panamanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2010-2019 Figure 11: Panamanian Life Insurance - Gross Written Premium Dynamics by Sub-Segment, 2010-2019 Figure 12: Panamanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2010-2019 Figure 13: Panamanian Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2010-2019 Figure 14: Panamanian Life Insurance - Paid Claims (US$ Million), 2010-2014 Figure 15: Panamanian Life Insurance - Paid Claims (US$ Million), 2014-2019 Figure 16: Panamanian Life Insurance - Incurred Loss (US$ Million), 2010-2014 Figure 17: Panamanian Life Insurance - Incurred Loss (US$ Million), 2014-2019 Figure 18: Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014 Figure 19: Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019 Figure 20: Panamanian Life Insurance - Total Assets (US$ Million), 2010-2014 Figure 21: Panamanian Life Insurance - Total Assets (US$ Million), 2014-2019 Figure 22: Panamanian Life Insurance - Net Written Premium (US$ Million), 2010-2014 Figure 23: Panamanian Life Insurance - Net Written Premium (US$ Million), 2014-2019 Figure 24: Panamanian Life Insurance - Total Investment (US$ Million), 2010-2014 Figure 25: Panamanian Life Insurance - Penetration (%), 2010-2014 Figure 26: Panamanian Life Insurance - Direct Premium per Capita (US$), 2010-2014 Figure 27: Panamanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2019 Figure 28: Panamanian Non-Life Insurance - Gross Written Premium by Category (%), 2014 and 2019 Figure 29: Panamanian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019 Figure 30: Panamanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2019 Figure 31: Panamanian Non-Life Insurance - Direct Written Premium by Category (%), 2014 and 2019 Figure 32: Panamanian Non-Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019 Figure 33: Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2010-2014 Figure 34: Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2014-2019 Figure 35: Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2010-2014 Figure 36: Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2014-2019 Figure 37: Panamanian Non-Life Insurance - Loss Ratio (%), 2010-2014 Figure 38: Panamanian Non-Life Insurance - Loss Ratio (%), 2014-2019 Figure 39: Panamanian Non-Life Insurance - Combined Ratio (%), 2010-2014 Figure 40: Panamanian Non-Life Insurance - Combined Ratio (%), 2014-2019 Figure 41: Panamanian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014 Figure 42: Panamanian Non-Life Insurance - Total Assets (US$ Million), 2014-2019 Figure 43: Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2010-2014 Figure 44: Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2014-2019 Figure 45: Panamanian Non-Life Insurance - Total Investment (US$ Million), 2010-2014 Figure 46: Panamanian Non-Life Insurance - Penetration (%), 2010-2014 Figure 47: Panamanian Non-Life Insurance Density (US$), 2010-2014 Figure 48: Panamanian Property Insurance - Gross Written Premium (US$ Million), 2010-2014 Figure 49: Panamanian Property Insurance - Gross Written Premium (US$ Million), 2014-2019 Figure 50: Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2010-2014 Figure 51: Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2014-2019 Figure 52: Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2010-2014 Figure 53: Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2014-2019 Figure 54: Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2010-2014 Figure 55: Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2014-2019 Figure 56: Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2019 Figure 57: Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (%), 2014 and 2019 Figure 58: Panamanian Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019 Figure 59: Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2019 Figure 60: Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (%), 2014 and 2019 Figure 61: Panamanian Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2010-2019 Figure 62: Panamanian Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2010-2014 Figure 63: Panamanian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2014-2019 Figure 64: Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2010-2014 Figure 65: Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2014-2019 Figure 66: Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014 Figure 67: Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019 Figure 68: Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014 Figure 69: Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019 Figure 70: Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2010-2014 Figure 71: Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2014-2019 Figure 72: Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2010-2014 Figure 73: Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2014-2019 Figure 74: Panamanian Personal Accident and Health Insurance - Total Investment (US$ Million), 2010-2014 Figure 75: Panamanian Personal Accident and Health Insurance - Penetration (%), 2010-2014 Figure 76: Panamanian Personal Accident and Health Insurance Density (US$), 2010-2014 Figure 77: Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2010-2014 Figure 78: Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2014-2019 Figure 79: Panamanian Health Insurance - Gross Written Premium (US$ Million), 2010-2014 Figure 80: Panamanian Health Insurance - Gross Written Premium (US$ Million), 2014-2019 Figure 81: Panamanian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2019 Figure 82: Panamanian Reinsurance - Dynamics by Insurance Segment, 2010-2019 Figure 83: Panamanian Life Insurance - Percentage of Premium Ceded (%), 2010-2014 Figure 84: Panamanian Life Insurance - Percentage of Premium Ceded (%), 2014-2019 Figure 85: Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2010-2014 Figure 86: Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2014-2019 Figure 87: Panamanian Personal Accident and Health Insurance - Percentage of Premium Ceded (%), 2010-2014 Figure 88: Panamanian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2014-2019 Figure 89: Panama Frequency of Hazards by Type, 1990 - 2014 Figure 90: Panama Mortality of Hazards by Type, 1990 - 2014 Figure 91: Contribution of Natural Hazards to Average Annual Loss, 1990 - 2014 Figure 92: Panamanian Insurance - Industry Shares 2015 Figure 93: Panamanian Life Insurance - Segment Shares 2015 Figure 94: Panamanian Non-Life Insurance - Segment Shares 2015 Figure 95: Panama - Insurance Supervision and Control at Various Levels Figure 96: Panama - Insurance Regulatory Frameworks for Company Registration and Operation
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