AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a+' (Excellent) of
The outlook of these Credit Ratings (ratings) is stable.
MAPFRE Panama is a member of
The ratings reflect MAPFRE Panama's geographic and strategic importance to the MAPFRE group, given its
MAPFRE Panama ranks among the top companies in
The ratings also reflect MAPFRE Panama's strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR) on a consolidated basis, solid capital base and good reserve position that provides a sound financial flexibility. AM Best expects the company to sustain its capitalization level, in addition to its adherence to ERM practices and procedures implemented from the MAPFRE group.
MAPFRE Panama's combined ratio has been deteriorating since 2021, driven by its health and auto business lines that were impacted by claims frequency in conjunction with rising inflation. AM Best expects MAPFRE Panama to resume positive technical results in the short term through its ongoing strict claims and expense containment strategies.
The strong competitive environment in
If there are negative rating actions on the MAPFRE group, as a result of a sustained decline in operating performance below AM Best's expectation for the strong assessment level, or a sustained deterioration in
A change in AM Best's perception regarding the actual or perceived level of MAPFRE Panama's strategic importance to the MAPFRE group also could impact the company's ratings.
The methodology used in determining these ratings is Best's Credit Rating Methodology (Version
Key insurance criteria reports utilized:
Available Capital & Holding Company Analysis (Version
Catastrophe Analysis in AM Best Ratings (Version
Evaluating Country Risk (Version
Scoring and Assessing Innovation (
Understanding Global BCAR (Version
View a general description of the policies and procedures used to determine credit ratings. For information on the meaning of ratings, structure, voting and the committee process for determining the ratings and monitoring activities, relevant sources of information and the frequency for updating ratings, please refer to Guide to Best's Credit Ratings.
Previous Rating Date:
Initial Rating Date:
Date Range of Financial Data Used:
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