Insurance Distribution Channels in Panama - 2023.06 Rankings
Highest year-on-year market share growth ranking
The total volume of premiums intermediated by agents and brokers in June 2023 was USD 86.8 million, of which USD 46.2 million corresponded to life insurance, USD 35.1 million to non-life insurance, and USD 5.6 million to surety. The total volume of intermediation fees was USD 11.6 million, of which USD 5 million were from life insurance, USD 5.7 million from non-life insurance, and $1 million from surety bonds.
Our latest market report also shows the distribution of premiums and fees by sales channel. Agents accounted for 31.4% of premiums and 32.5% of fees, brokers for 68.1% of premiums and 66% of fees, and provisional agents for 0.4% of premiums and 0.1% of fees.?
The report also ranks the insurers by their market share in intermediation fees to agents and brokers. The top five insurers were INTERNACIONAL (15.6%), MAPFRE (13.4%), ASSA (12.8%), PAN-AMERICAN-LIFE (12.6%), and SURAMERICANA (11%). These insurers represent more than 75% of the market, indicating a high concentration and competitiveness.?
The report also provides the distribution of the number of policies intermediated by sales channel. Agents sold 45% of the policies, brokers sold 54%, and provisional agents sold 1%.?