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Pan‑American Life Celebrates 80 Years of Financial Strength in the Insurance Industry in Honduras
Honduras
June 05, 2024
Estimated Reading Time: 3m
Honduras, June 5, 2024 ‑ Pan‑American Life celebrates 80 years of operations in Honduras, solidifying itself as one of the most experienced insurance companies in the country.
Since its establishment in 1944, Pan‑American Life has maintained a steadfast commitment to the security and well‑being of thousands of individuals and businesses in Honduras, offering innovative solutions tailored to local needs.
“Our legacy in Honduras is a testament to the dedication and effort of our team. We will continue to work diligently to provide protection and peace of mind to Honduran families, ensuring that Pan‑American Life remains synonymous with security and trust,” stated Daniel Costello, Executive Vice President, International Markets.
As of the end of 2023, the company had insured more than 610,000 lives and paid out over US$18.2M in claims. Additionally, during the COVID‑19 pandemic, Pan‑American Life was the only company in the market that did not limit its coverage, accounting for over 300 million lempiras exclusively in COVID‑19 coverage.
Pan‑American Life also stands out with the first place in Individual Life with a market share of 39 percent and second place in Health Insurance with a market share of 21 percent, achieving a 23 percent growth in 2023, 7 percent above the average market growth.
For 80 years, Pan‑American Life has maintained a philosophy of constant innovation, adapting to market changes and customer needs. The implementation of new technologies and the digitalization of its services have allowed the company to offer a more efficient and accessible customer experience, covering all market segments with the introduction of competitive life and medical expense products. Among these segments is mass marketing, developed through collaboration with financial institutions, credit/debit card issuers, services, and universities, among others.
Throughout these eight decades, the company has played a fundamental role in the development of the insurance sector in Honduras, which is why more than 950 companies trust its services. Additionally, it is committed to empowering insurance distributors through comprehensive training and education, preparing them for excellence.
“We are extremely proud to celebrate 80 years of success and service in Honduras. This anniversary not only marks our longevity but also our ongoing commitment to excellence and innovation. We thank our clients, employees, and strategic partners for their constant trust and support,” said María del Rosario Álvarez, Country Manager in Honduras.
As part of its 80th anniversary in Honduras, Pan‑American Life will support communities with social responsibility initiatives, such as health fairs in Tegucigalpa and San Pedro Sula, ensuring access to healthcare for the less fortunate in these areas. These actions reflect the company's mission not only to protect lives but also to contribute to the growth and prosperity of Honduran society.
Corporately, with over 113 years of operation, Pan‑American Life remains dedicated to maintaining high standards of integrity and reliability, guided by a set of principles that ensure the financial security of its clients and the sustainability of the business. Pan‑American Life Insurance Company holds ‘A’ (Excellent/Strong) ratings from Fitch Ratings and AM Best with a stable outlook, reflecting the financial strength of the group.
ABOUT PAN‑AMERICAN LIFE INSURANCE GROUP
Pan‑American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance throughout the Americas, has been delivering trusted financial services since 1911. The New Orleans‑based Group is comprised of more than twenty‑member companies, employs more than 2,100 worldwide and offers top‑rated individual and/or group life, accident and health insurance, employee benefits and financial services in 49 states, the District of Columbia (DC), Puerto Rico, the U.S. Virgin Islands, and throughout Latin America and the Caribbean. The Group has affiliates and branches in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, and 13 Caribbean markets, including Barbados, Cayman Islands, Curacao and Trinidad and Tobago. For more information, visit the Pan‑American Life website at palig.com, follow us on Facebook @PanAmericanLife, Twitter @PanAmericanLife, Instagram @panamericanlife.latam, and connect with us on LinkedIn at Pan‑American Life Insurance Group.