PANAMA: a country that grows
Panama is the most important Latin American business center at the service of the international community.
The Panama Canal is one of the main routes of the world’s maritime trade. It is administrated entirely by Panama since January 2000. The United States, China and Japan are its principal users.
The US Dollar has been in use in Panama since 1850, and it is the only paper currency in legal circulation since 1904. There is no existing money exchange control. The Panamanian Banking efficiency and stability occupy a leadership position in Latin America.
The Colon Free Zone is the second largest free trade zone in the world. It houses more than 1,600 companies. The Free Zone’s transactions surpass 10 billion dollars a year.
Panama counts with special legislation to administrate, from Panama, tax free activities for captive insurance and reinsurance.
The insurance business in Panama
37.5% of the insurance market is made up by the commercial area; personal lines represent 62.5% of the market.
Industry contributes with 3% of the GNP and is expected to reach 4%.
Panama is the country with the highest amount of insurance premiums in Central America.