Fire insurance payouts down $14 million

PANAMA based insurance companies  saw a $14 million decrease in payouts for fire insurance in the first  nine months of the year reports the   Superintendency of Insurance and Reinsurance.

This figure represents a decrease of 41.5% compared to the same period last year

R esidential losses accounted for $8.5 million, 45.9% less than in 2015.

The commercial sector accumulates claims for $ 10.9 million, down 38.7%.

Meanwhile, the industrial fires led to  payments of $224,000, 328% more than 2015.

Companies that sell fire policies were able to place $95.3 million in policies on the market.