The insurance market is still suffering the consequences of the economic slowdown in the country.
Situations such as the crisis in the Colon Free Zone (CFZ) and involvement in the Panamanian construction still taking its toll on this sector of the economy.
According to figures from the Panamanian Association of Insurers (Apadea), the accumulated premiums on insurance spent 120 million $ 900,000 in January 2015 to $ 131 million in January 2016, showing a growth of 8.4%, about $ 10 million more .
If this growth compared to the same period last year, 9.5%, has dropped 1.1 percentage points of growth in 2016 (8.4%).
Alexis Mazzo, country director of Commerce Reinsurance, S.A., said that the impact it is having the insurance sector has to do directly with the economic reality in the country, which prevents this grow more than expected.
He stressed that the situation in the sector is sensitive and has been reflected in the downward behavior, specifically in technical fields such as construction, bail, etc.
"Currently, there are not many buildings as in previous years, which accelerated much market policies in technical fields such as construction, bail, etc.," added the director of Commerce Reinsurance, S.A.
He added that another situation that is affecting the business of insurance is the crisis that is living in the Colon Free Zone (CFZ).
He stressed that many of the companies within the free zone have closed this situation, which has caused insurance companies to cancel their policies, affecting their business.
According to figures from the General Comptroller, the commercial movement in the CFZ generated 21 000 739 000 000 $ 11,000 in 2015, down 9.5% compared with 2014, when totaled 24 billion 22 million 401 thousand US dollars, down which it is reflected in the Panamanian insurance sector.
While, for this low in the ZLC, according Users Association in January last 55 keys operations of different types of businesses were closed.
Gerald Godoy, director of insurance agencies Sura, the sector has continued to grow and this has to do with the paralysis and lack of construction in the country.
However, he notes that the insurance market is quite stable and that not having more growth affects the gross domestic product (GDP) is also true.
Gabriel de Obarrio, Apadea treasurer and executive vice president of Generali, said the 2016 project through the slowdown in growth have in insurance is very premature.
However, he also noted that last year was one of the few in the insurance industry grew below the economic growth that the country had.
According to data from the Comptroller, Panama's economic growth was 5.8% lower than it had projected 6%.
He stressed that one of the factors that make the sector grow has to do with the high competitiveness there are the insurance and the effect it is having the ZLC, with the closure of some companies, which in some other way affects insurance premiums.
Meanwhile, economist Juan Jované emphasized that the insurance sector depends on the economic activity in the country, which was lower, as revealed by the Comptroller in its latest economic growth of Panama.
He stressed that this slower growth is expected only sign that follows the economic slowdown in the country.
Cifras
8.4% fue el crecimiento que mostró el sector de seguros en el primer mes de este año.
9.5% fue el incremento que mostró el ramo de seguros en el primer mes del año 2015.
