In Panama, during the pandemic crisis, the Insurance industry aligned with their clients. The insurance carriers did not exclude COVID-19 from the coverages. The insurance companies’ voluntarily resigned to the exclusion of pandemic coverages, and the insured persons as per arranged Health Insurance coverages have received medical attention.
The pandemic has affected the insurance business up to date. Premium volume has decreased by 4% so far. It is expected that the insurance premiums will increase again by the end of the year. The current situation might cause mergers between insurance companies within the Central American region, which would reduce the actual number of markets.
Approximately USD 82 million have been disbursed in Covid-19 claims; more than 60% relate to individuals and employee benefits life insurance.
Premium vs. Claims (Life), USD
In the case of Health, policies have paid out USD 31 million for approximately 5,300 claims.Many clients have issued payment arrangements with their insurance companies to make their payments since policies were on the grace period. Here we detailed Premium paid versus Claims paid in the branch of individual life, collective life, Health, considering that Covid-19 and other causes have triggered deaths.
Premium vs. Claims (Health), USD
Here is some more background information regarding the largest Insurance markets in Panama as follows:
ASSA is a Panamanian insurance company. They also operate in neighbouring Central American countries and function as cooperation partners for a few different Global Insurance Carrier Networks.
Employee Benefits: Life, health, accident, traveler insurance
Property & Casualty: All lines of business for commercial insurance coverages, including bonds.
Collective: life, health, accident and traveler plan
Internacional de Seguros is a Panamanian insurance company
Employee Benefits: life, health, accident, traveler
Property & Casualty: All lines of business for commercial insurance coverages, including bonds.
Collective: life, health, accident and traveler plan
MAPFRE is the largest Spanish Insurance company. They opérate in most Central and South American markets through more significant local subsidiaries.
Employee Benefits: life, health, accident, traveler
Property & Casualty: All lines of business for commercial insurance coverages, including bonds.
Collective: life, health, accident and traveler plan
PALIG stands for Pan American Life Insurance Group. Although founded in New Orleans in the United States of America, the company operates mainly in Central America and the Caribbean. PALIG only offers Employee Benefits.
Employee Benefits: life, health, accident, traveler
Collective: life, health, accident and traveler plan
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