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British American collapse impacts on life insurance market in Panama

Tuesday, September 28, 2010

Fewer Panamanians have life insurance policies. Some $13.3 million less in premiums have been recorded this year through July, a year-on-year drop of 49 percent.

Industry sources say that three factors are in play. The main one is the impact on the industry’s image through the collapse of the British American Insurance Company. In addition, people have opted to reduce their cover or the insurers have reduced premiums.

Salvador Morales Baca, the manager of Suramericana de Seguros, claimed that there has been no reduction at all in premium income, but the most recent statistics appear to show otherwise.

Original source (in Spanish): La Prensa