Panama is One of the Fastest-Growing Economies in Central America

Date: 2015-09-21

“• 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

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