Regulator: Insurers to see premiums reach US$305mn

Panama's insurance industry saw written premiums grow to US$305mn this year through October, up from around US$205mn for the same period of 2002, according to preliminary statistics from local insurance regulator Apadea reported by daily El Panama America. Local insurers will see premiums reaching US$375mn by the end of this year, up 3.8% compared to end-2002, Apadea president Ed Mena was quoted as saying. According to Mena, the forecast rise in premiums can be attributed to more large-scale construction programs. The more aggressive policies adopted by the country's construction industry have stimulated a forecast 18% year-on-year premium increase in the fire insurance segment with further premium jumps set for the technical insurance sector (23.4%), civil liability (23.4%) and surety premiums (38.8%), Mena added.