A.M. Best has reported that despite there being “32 insurance companies fighting for market share in the tiny country of Panama; Panamanian insurers are holding their own against their global competitors.”
The report appears in this week’s issue of BestWeek U.S./Canada as part of a continuing Latin America Market Spotlight feature.
BestWeek said: “Five of the top 10 insurers in Panama, based on net premiums written, are Panamanian. QBE del Istmo Reinsurance, a subsidiary of Australia-based QBE Insurance Group Ltd., leads the rankings, with ASSA Compania de Seguros and Compania Internacional de Seguros close on its heels.”
In addition the publication notes that “negative perceptions of the EU’s performance on Solvency II are likely to affect thinking in some jurisdictions that have considered seeking equivalence, including the United States, Canada, Japan and Switzerland.”
Source: A.M. Best
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