Page 292 - Evento Guatemala 2012

Surety bonds in Panama: surety bond premiums (percentage of GDP and public expenditure)

3.50% 2.09% 2.11% 2.49% 2.24% 2.80% 3.09% Surety Premiums / GDP
3.00% Surety Premiums /
2.50% 0.259% 0.239% 0.257% 0.277% 0.374% 0.414% Public Expenditure
2.00%
1.50% 1.18% 2006 2007 2008 2009 2010 2011*
1.00%
0.50% 0.155%
0.00%
2005

* Figures at December 2011.
GDP, public expense: figures at 2011.

The following chart shows the loss ratio. Unfortunately, from the statistics we can know the
gross loss ratio but not the net loss ratio, which was 38%.

The net combined ratio was 36%.

Surety bonds in Panama: net combined ratio

150% 36% 40%
100% 30%
50% 43% 56% 66% 72% 22% 62% 20%
41% 64% 38% 10%
0% 54% 30% 34% 17% 0%
-50% 2% -8% 43% 26% -10%
-100% -92% -20%
-150% -79% -1% -5% -69% -64% -30%
-22% 2006 -88% -105%
-99%
2005
2007 2008 2009 2010 2011*

Earned Premium Loss Ratio (Net) Acquisition Cost Administrative Expenses
Nonprop. Reins. Net Combined Ratio

*Figures at December 2011.

Reinsurance cession remained stable at 87% in the last three years.

The most important companies are: ASSA, which escalated two points, had a 19% market
share; Ancon, which for some reason dropped from 28% to 19%; Chartis, which grew from

290 Asociación Panamericana de Fianzas / Panamerican Surety Association