New insurance law likely to give banks intermediary status

Panama continues to have too many insurers for the size of the market and a powerful community of brokers and agents. But while competition is widespread and intense, the market’s results remain good and reinsurers continue to beat a path to the market

In 2006 there were 19 insurance companies licensed in Panama. Of these, 12 were composites, five wrote life and health insurance only, one wrote solely bonding business and one wrote solely healthcare. Of these companies five were foreign, of which four wrote solely life insurance.