Panama Insurance

Your insurance needs in Panama - By Jorge del Río
If your visit to Panama is prolonged or if you are planning to live here, you will need insurance for your personal and property needs.

Panama Medical Insurance
Medical insurance is of prime interest among new arrivals. To acquire medical insurance, first, you neeed to have a budget, and be below the maximum age of admission. That, in some cases, is 63 years old. Also, it is important to be in good health to be able to continue to pay the insurance plan options.

Medical insurance can vary according to your different needs. There are plans that offer local or international coverage, and some include plans that work along with approved networks and established doctors, laboratories, hospitals, and clinics where usually the policyholder performs what is called a co-payment, or the basic sum of money paid to receive the service, since the other expenses incurred are charged directly to the insurance company.

There are also, open plans that do not work with networks. In this cases, the policyholder pays the whole of the expenses incurred and after the deductible, the insurance company will give a refund. This plan offers the liberty to be attended with a physician of preference, without being worried if he or she is listed on the insurance company's approved network. As in every insurance, there are requirements that must be done. A very important one, is a laboratory exam package, and in some cases, a complete medical evaluation. This naturally, will depend on the policies of each insurance company. According to the age, prices for these tests fluctuate between $61 to $111.

Panama Life Insurance
This type of insurance covers, the death of the policyholder by any cause. Many local and international companies, offer people the opportunity to acquire this policy to guarantee the economic welfare of their family. It is also part of the requirement that any bank asks in order to lend money for the purchase of a property, a line of credit and other services.

Banks can include in your mortgage a charge for life insurance. However, in this policy, the total amount of the initial amount insured decreases while the sum that is owed diminishes, but the the insurance premium stays high. So, after 10 years of paying the policy if the policyholder passes away, it will only settle the portion owed on the mortgage.

In this type of policy, there is not a differential remaining sum for the family. For this reason, generally it is more convenient to get an independent life policy through a professional agent, who knows the alternatives, and advantages of the companies in the market.

The health and age of the policyholder are two of the most important factors in order to obtain a life insurance. Because of this, it is better to have an independent life insurance policy, since the cost will be smaller. The younger you are when you first take out the policy, the less it will cost.

A life insurance can be presented as a backing for a mortgage in any bank. For example, if five years later you decide to change your bank, just by switching the name of the beneficiary bank in the policy, you will continue to pay the same insurance premium, although you are older than when you first obtained it.

Also, you can buy a policy that makes sure the insured sum stays the same level for as long the policy or the mortgage lasts meaning that in the event of death, the mortgage is paid off and there is money over for your family. If the policy that you bought has been included with the charge of the mortgage of the bank, you will not be able to use it with another bank. In that case, you will have to buy a new insurance. As you will be older, and with possible changes in your health, it may lead to other limitations.

Jorge Del Río is a director of Ducruet Insurance.

American Life Insurance Company in Panama
American Life Insurance Company (ALICO), registered in Delaware, United States, is one of the largest international life insurance companies of the world. Originally called the Asia Life Insurance Company, it was founded in 1921 in Shangai, China by Mr. C.V. Starr, future founder of what was to become the American International Group (AIG).

In the first 10 years, Mr. Starr had opened offices in China, Hong Kong and several cities in South Asia. The company continued expansion in Europe, the Middle East, Africa, America and the Caribbean offering life, health and accident insurance in each country. In 1951, Asia Life changed its name to American Life Insurance Company (ALICO).

On July 25, 1962, Alico Panama started operations in the Republic of Panama, as a subsidiary of American Life Insurance Company (Alico), with headquarters in Delaware, U.S. Alico Panama, is a leading company in the insurance market, assuring the future of thousands of Panamanian families, offering a wide amount of services and products, designed to satisfy all the needs of our clients.

Alico Panama has cultivated the ability to quickly respond to the needs of its clients and continous world changes. They deploy a strategic team that seeks new alternatives in order to fit its products to the requirements of its clients.

Products - Individual Insurance (Life, Personal Accidents, Cancer, Travel), Corporate Insurance (Life, Personal Accidents, Medical Costs, Cancer, Travel), Collective Life Insurance Voluntary, Life & Accident Insurance for the Mass Market.

Address: Edificio American International, Calle 50 y Aquilino De La Guardia, Panamá
Web Address: www.alicopan.com
Phone: (507) 208-8000
Fax: (507) 208-8001

Aseguradora Ancon Panama, Insurance in Panama
Aseguradora Ancon has been incorporated as an insurance company since October, 1990 and started operations in May of 1992. It was the result of the vision of a number of important businessmen from Panama, who wanted to establish an insurance company able to offer a new dynamic in insurance and bonds in the country.

Offering efficiency, security and confidence, Aseguradora Ancon is supported by its solidity, net profit and liquidity of its shareholders. The board of directors and executive committee comprises successful businessmen, outstanding members of the Panamanian social and economic community. They contribute to a wide and interesting range of experiences and knowledge that nurture the operations of our companies.

Human resources consist of a group of young and dynamic professionals, with sufficient experience in the insurance world, who are conscious of the need to offer a service that will exceed client expectations. They offer a variety of insurance policies in the personal field (independent life, collective, health and personal accidents); in the general fields (automobile, fire and connected risks, civil responsibility, burglary, broken down machinery and different types of risks), as well as other bonds, including banking.

From the beginning, Aseguradora Ancon has experienced a sustainable growth. These achievements are characterized by a positive technical balance, a sound technical reserve level along with the size and distribution of the portfolio and a patrimony that in several occasions supersedes requirements by our legislations and by the present net profit established by the schemes.

Products – General Insurance (Car, Fire, Robbery, Civil Liability, Electrical Equipment etc), Health Insurance, Life Insurance.

Address: Torre Afra, Avenida Samuel Lewis y Calle 54, Urbanización Obarrio, Panamá
E-mail: deleta@asegurancon.com
Web Address: Aseguradora Ancon
Phone: (507) 210-8700
Fax: (507) 210-8791

Aseguradora Mundial Insurance in Panama
Aseguradora Mundial, S.A. was founded in the year 1967 by Panamanian and foreign investors moved by the interest of offering alternatives to the need of protection and security both to individuals and companies. It has fulfilled a very important role in the Panama insurance field by maintaining the number one position in the market for three consecutive years. This is a reflexion of the wide range of services they offer, such as life and accident insurance, patrimonial and administrative services, expert insurance counselling and personal finances.

Aseguradora Mundial has been recently reaffirmed with an A classification (excellent) by A.M Best Co, established in 1899, which is the oldest and most important world authority regarding insurance classification.

Products – Life Insurance, Car Insurance, Health Insurance, General Insurance (fire, robbery, personal accident, civil liability etc), Bonds.

Address: Avenida Balboa y Calle 41 E, PH. Grupo Mundial, Panamá
E-mail: info@amundial.com
Web Address: Aseguradora Mundial
Phone: (507) 390-9090
Other Branches
Chitrè: Tel: (507) 996-4766
Colòn: Tel: (507) 441-3923
David: Tel: (507) 775-7167
Albrook Village: Tel: (507) 315-0993

British American Insurance Panama
Founded in 1920, in Nassau, Bahamas, British American Insurance Company is presently one of the insurance companies that has rapidly expanded its borders towards different geographical territories, principally in the Caribbean. British American was established in Panama in 1967, and is currently part of the CL Financial Group, a huge Consortium formed by more than seventy (70) companies and 20,000 employees, whose earnings and utilities have shown its successful effort in the market of insurance and financial services in general.
The British American Insurance Company is a foreign business with highly productive levels and a capacity to carry out commitments.
Operations in Panama deploy a human resource team of 55 collaborators engaged in offering the best services to its distinguished clients and insurance brokers.

Products – Health, Life, Personal Accidents, Private Retirement.

Address: Edificio Vallarino, Calle 52 y Elvira Méndez, Panamá
E-mail: info@britishamerican.com.pa
Web Address: British American Insurance Panama
Phone: (507) 269-0515

The Generali Group Panama Insurance
The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group´s parent and principal operating company. Characterised from the outset by a strong international outlook and now present in 40 Countries, Assicurazioni Generali has consolidated its position among the world´s leading insurance operators, having strengthened its position in western Europe, its main area of activity, with significant market shares in Germany, France, Austria, Spain, Switzerland as well as Israel.

In recent years, the Group has made a significant return to central and eastern European markets and has set up offices in the principal markets of the Far East, including China. In the last decade, the Group has widened its product offering from only insurance to include the entire range of financial services and asset management.

Products – Life Insurance, Collective Insurance, General Insurance.

Address: Avenida Samuel Lewis y Calle 54, Torre Generali, Panamá
E-mail: servicioalcliente@generali.com.pa
Web Address: The Generali Group
Phone: (507) 206-9105 / (507) 206-9104
Fax: (507) 206-9105 / (507) 206-9104