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A Panamanian insurer association has said that the country's insurance market contributed 3% to the national gross domestic product in 2014, Eleconomista.net reported.
Asociacion Panamena de Aseguradores director Carlos Berguido said the sector grew at a rate similar to the country's economy.
The industry's direct insurance premiums totaled $1.34 billion in 2014, up 8.1% year on year.