David Larrinaga has over 14 years of experience and is one of the most knowledgeable voices in the insurance industry in the country. Specifically handling the needs of foreigners that come to live in Panama for different reasons.

A few years ago he established Peace of Mind, where he strives to offer highly strategic advisory in hopes of providing his clients the “WOW effect”.

David graduated from Florida State University with a Business major. He specialized in Marketing & Service Operations Management. One thing that characterizes his professional career is creating experiences that provide his clients with peace of mind.

After starting his professional life in banking (Banco Continental) and in the aviation industry (Copa Airlines), David found the way to practice his passion for serving in the insurance industry. Thus, began his career in the industry in one of the most important insurance brokerage companies in the country (Marsh Semusa).

In a short time he got promoted to Sales Manager and then years later he went on to become the Commercial Director for Consumption Area. Amongst his accomplishments, he developed the integral advisory service for ‘expats’ y ‘baby boomers’ that came to the country amidst the economic boom.

Personalized Experiences

However, what moves him the most are personalized experiences. For this reason he decided to create his own insurance firm: Peace of Mind, his personal dream and his way of providing the insured what he really needs, even if they themselves are unaware of what this is. 

David listens to them and guides them towards heritage protection investments that will give optimum and sustainable results in the long term.

Over time his brother Daniel would join him, integrating the area of Real Estate to Peace of Mind’s portfolio. 

One Philosophy

“Our industries work with selective products. One does not buy life insurance or health insurance or a property every day. They are investments that merit a professional and very boutique service that accompanies the client through the whole process.

Starting with picking a solution up until the claim process or post sale”, highlights David.

The philosophy of the brand as a whole aligns with a fundamental promise: peace of mind.

Transcend time

We deeply understand our respective industries, we continually study the technical part of our business and we build a concept that aims to transcend over time, where all processes have our style.

All the products we sell are ‘pre-checked’ by us.” 

Team Work

In Peace of Mind the claim payments for their clients is a priority. They only work with the best insurance companies and products. The understanding of the fine print, excellent relationship with insurers and the serving spirit of the POM TEAM generate a symphony of good service for their clients.

More than a decade helping Expats

David is an authorized voice to understand everything related to the Panamanian insurance market, its operation and most of all, understanding the needs of foreigners that come to the country to live either for business or retirement.

Panama Living : How does the insurance market work in Panama? 

DL: The insurance market in Panama is robust. The most solid one in the region with a stable and sustained growth.

The insurance industry is regulated by the Superintendence of Insurance and Reinsurance of Panama (SSRP by its acronym in Spanish) with over 30 local and international insurers with direct presence in the country. 

PL: Do international companies have local allies? 

DL: Multiple international insurance companies have direct presence. Amongst them are Bupa (England), Pan-American Life Insurance Group (USA), Mapfre (Spain) and others. 

Other companies such as Allianz (Germany) are represented through a “fronting” figure through legally registered insurers in Panama such as Acerta Seguros and others. 

PL: How do international policies work in the country? 

DL: They work best when the insurer has a legally registered representation in the country. It makes a huge difference in the service received by those insured as well as medical providers.

Additionally, by being legally registered they are supervised and regulated by the SSRP. In this way protecting the interests of those insured and guaranteeing loyal competition in the market.

PL: Are the benefits for each policy extensive across the country? 

DL: The benefits are global according to the coverage plan that the insured has in his or her country.

PL: Is it better to take a policy that complements the services provided by the policy in the country of origin? 

DL:Every client must analyze their medical coverage and pre-existing conditions on a case by case basis.

Although, the best case scenario is to invest in a major medical insurance that covers the insured in Panama and the rest of the world, allowing them access to the best medicine and services when needed. 

It is important to highlight that these high level medical insurances are considerably more affordable for locals or foreigners that live in Panama for a minimum of 6 months a year compared to the cost of similar products in the United States, for example.

PL: Is this an advantage for foreign residents? 

DL: Of course.  

The foreign resident in Panama can benefit a lot from acquiring these types of products because they have access to, for example, first level clinics in the United States or Canada, with costs that can be up to half of what they pay over there.

If, along with this, you then add the quality of centers and medicine in Panama, it becomes a great competitive advantage compared to the rest of the region.

PL: What considerations do you have to evaluate? 

DL: You can apply before turning 75 years old for life coverage. There are no prerequisites for lab exams or medical exams for people younger than 65 years old. It is highly important to consult with an insurance broker that will provide guidance and service.

By law, the cost for the client is the same if he or she goes directly to the insurance company or to an insurance broker. This protects the client when choosing an experienced broker that has a high understanding of the market and keeps their best interests in mind.

A broker that guides you and provides support over the duration of the policy. An important investment.

The philosophy at Peace of Mind is summarized by David and Daniel very simply: “we offer insurance or property as if they were for us”.

In Peace of Mind they make sure that you receive what will generate the most benefit in both the present and the future. Peace of Mind chooses its clients. “We are not interested in transactions. 

We like to generate relationships with our clients that will endure over time.