From Procter & Gamble and Maersk to local bodegas and restaurants, businesses are spurring growth and creativity in Panama’s insurance industry. Multinationals require sophisticated new products, while micro-enterprises are looking for novel ways to ensure financial sustainability.
Robb A. Suchecki
VP, International Group Insurance Pan-American Life Insurance Group (PALIG)
With almost 20 years of experience in the insurance business, Robb Suchecki, vice president for international group insurance at Pan-American Life Insurance Group (PALIG), has seen great changes come to the industry and to Panama. On the one hand, the nation has worked hard to attract multinational corporations, which require a broad range of insurance products. On the other, small enterprises in the burgeoning business class seek a forward-looking stability with insurance, a type of sustainability business owners at this level have never had in Panama.
Multinationals require sophistication
In 2007, Panama passed Law 41, which provides incentives for regional headquarters to locate there. Since that time, over 100 companies, including Procter & Gamble, Maersk, Scotia Bank, TetraPak, Dell, Samsung Electronics, Hutchison Port Holding Group, General Electric, Johnson and Johnson, Unilever, and Caterpillar have opened regional branches.