Living in the country can offer more than one benefit, amongst which you can find a wide portfolio of insurance options with excellent coverage and payment claims in dollars. Gaining access to them is very simple.
“It is very convenient for the Panamanian foreign resident to acquire one of these types of products because they have access to, for example, first class clinics such as the ones found in the United States and Canada, with costs that can be less than half of what they pay there.
If you then add the quality of the centers and the medicine in Panama, it becomes a great competitive advantage compared to the rest of the region.” This is how David Larrinaga, founding partner of Peace of Mind, defines the advantages of acquiring private insurance in the country.
Panama has created a strong insurance market with over 30 local and international providers with direct presence in the country. All of them are regulated by the Superintendence of Insurance and Reinsurance of Panama (SSRP) which is the entity in charge of supervising business compliance.
Personal insurance in the country is generally categorized into:
- Car
- Health
- Life
- Personal accidents
- Individual risk
Each of them has specific products that adjust to the general needs of every insured person. It is also important to understand that within the market you have brokers that analyze said needs and search for the best options within the wide portfolio that the market has.
Javier Vincensini, partner at Auxi Group, a company that specializes in insurance solutions for high profile clients, highlights that the most important thing is to understand the client requirements, especially if they are moving to Panama. “We know the difficulties and obstacles that a foreigner can come across when they arrive, therefore our focus is adapting to where we simplify and design a tailor made solution, increasing the power of negotiation and in some cases, additional coverage beyond the traditional one.”
Some facts about the insurance market in the country:
- Several international insurance provides have direct presence in the country. Amongst them you can find Bupa (England), Pan-American Life Insurance Group (USA), Mapfre (Spain), and others.
- Other companies such as Allianz (Germany) have representation through a “fronting” agency legally registered as insurance providers in Panama such as Acerta Seguros, for example.
- It is best to invest in a major medical expenses insurance packet in Panama and the world, providing access to the best medicine and services that the person might need.
- It is important to mention that first class medical insurance is considerably more affordable for both locals and foreigners compared to similar products in the United States, for example. The foreigners must have Panama as their primary residence which means that they have to be in Panama for more than six months of the year.
- Any person can apply for life insurance before turning 75 years old. There are no lab exams or medical exams required for people younger than 65 years old. It is of utmost importance to receive guidance from an insurance broker.
