In Panama, as with banks, insurances are regulated by an entity, the “Superintendencia de seguros” (or Superintendency of Insurance). It regulates insurance companies by ensuring transparency, solidity, and proper functioning of market players. It also ensures that the subscription, the process of risk assessment and pricing, is rigorously framed to protect the insured. The risk of insurers operates on the principle of mutualization and re-insurance. Each premium paid feeds a common fund which, in the event of a claim, supports the insured in need.

Compared to Europe and North America where insurance systems are more fragmented, with a wide variety of products and levels of coverage, the Panamanian insurance system is simpler. In the European and North American systems, the insured is often faced with a multitude of options, sometimes difficult to decipher. Insurance companies there offer a wide range of products, from basic insurances to high-end offers with many additional benefits. Moreover, these markets are strongly influenced by local legislation, particularly in terms of liability or health insurance. In Panama, the approach is more direct. The focus is on essential coverages, making the choice less complex for the insured. In addition, the proximity of insurers to their clients is a notable asset of the Panamanian system. In addition to large multinationals like Mapfre or Allianz, a few local players stand out in terms of insurance for individuals or businesses.