BestWeek: Panamanian Insurers Successfully Battle for Market Share in Competitive Environment

  BestWeek: Panamanian Insurers Successfully Battle for Market Share in
  Competitive Environment

Business Wire

OLDWICK, N.J. -- January 14, 2013

With 32 insurance companies fighting for market share in the tiny country of
Panama, Panamanian insurers are holding their own against their global
competitors, according to A.M. Best data compiled in this week's issue of
BestWeek U.S./Canada as part of a continuing Latin America Market Spotlight

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, BestWeek said.

  *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,
    BestWeek Europe reports.
  *BestWeek U.S./Canada highlights fourth-quarter rating actions. A.M. Best
    took rating action on the financial strength ratings of 265 rating units.
    Of those, about 5% were upgraded and 3% downgraded. Within the life/health
    segment, upgrades outpaced downgrades by a better than two-to-one margin.
    On the property/casualty side, five rating units were downgraded while
    three were upgraded.

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week’s edition includes: continuing post-Sandy coverage looks at congressional
action to raise the borrowing limit for the National Flood Insurance Program,
from Associate Editor Thomas Harman, and Senior Associate Editor Michael Buck
explores fine-art claims, predominantly in flood-ravaged lower Manhattan;
Senior Associate Editor Meg Green explains American International Group's
decision to not join former CEO Maurice "Hank" Greenberg's lawsuit against the
federal government; and Senior Associate Editor Kate Smith highlights a new
weekly feature appearing in BestWeek that focuses the state of insurance
industries across Latin America.

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