Property Insurance - Panama | Statista Market Forecast

The Property Insurance market market in Panama is expected to witness significant growth in the coming years.
By 2024, the market size, measured by the gross written premium, is projected to reach an impressive US$188.80m.
This indicates the substantial value of the insurance policies taken out by individuals and businesses to protect their properties within the country.
In terms of per capita spending, the average amount allocated to Property Insurance market in Panama is estimated to be US$41.70 in 2024.
This figure reflects the importance placed on safeguarding valuable assets against potential risks and damages.
Furthermore, the Property Insurance market market in Panama is anticipated to experience a steady growth rate in the upcoming years.
With a compound annual growth rate (CAGR) of 2.93% from 2024 to 2029, the gross written premium is projected to reach US$218.10m by the end of 2029.
This growth highlights the increasing awareness and demand for Property Insurance market coverage among the population.
It is worth noting that, in a global context, the United States leads the way in terms of gross written premium generated in the Property Insurance market market.
In 2024, the United States is expected to generate a staggering US$240.4bn in gross written premium.
This showcases the significant size and dominance of the US market in the global Property Insurance market industry.
Overall, these numbers emphasize the growing importance and potential of the Property Insurance market market in Panama.
As individuals and businesses recognize the value of protecting their properties, the market is poised for further expansion and development in the coming years.
Panama's property insurance market is experiencing a surge in demand due to increased foreign investment in real estate.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Panama has been experiencing significant growth and evolution in recent years. Customer preferences in the Property Insurance market in Panama are shifting towards comprehensive coverage that not only protects against natural disasters such as hurricanes and earthquakes but also covers theft and liability. Customers are increasingly looking for customizable insurance plans that suit their individual needs and provide a sense of security for their properties. Trends in the market indicate a rise in demand for property insurance among both homeowners and businesses in Panama. The increasing awareness of the risks associated with natural disasters and the importance of protecting one's assets have been driving this trend. Additionally, the growing real estate market in Panama has also contributed to the expansion of the Property Insurance sector. Local special circumstances, such as Panama's geographical location in a hurricane-prone region and its susceptibility to seismic activity, play a significant role in shaping the Property Insurance market. The frequency of natural disasters in the region has made property owners more conscious of the need for adequate insurance coverage, leading to a higher demand for policies that specifically address these risks. Underlying macroeconomic factors, including the overall economic stability and growth in Panama, have also had a positive impact on the Property Insurance market. As the country continues to develop and attract foreign investment, the value of properties is increasing, prompting property owners to seek insurance coverage to safeguard their investments. Additionally, regulatory reforms and government initiatives aimed at promoting the insurance sector have further fueled the growth of the Property Insurance market in Panama.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.