The company, with the support of the GLOBAL RISKS Unit, has made a substantial contribution to the new insurance program designed to provide coverage for the Canal.
The Panama Canal Authority (ACP) has just celebrated the inauguration of the expansion of the Panama Canal, upon completion of the works that have lasted 9 years and with a significant participation of Spanish companies, led by Sacyr.
MAPFRE PANAMA has not wanted to be left out of this opportunity to congratulate all Panamanians for the achievement of a project which has entailed the participation of almost 40,000 workers and that is a source of pride for all of its citizens.
The company’s major participation, with the support of the GLOBAL RISKS Unit, resulted in the new insurance program designed to provide coverage for the Canal. The expansion has generated higher value for both assets at risk as well as for operating revenues, wherefore ACP has trusted MAPFRE to supplement existing coverages with new limits for both Damage and Loss of Profits.
Analyzed during a decade through over 100 studies, the expansion, which already has 170 reservations for crossing the Canal, will provide greater economies of scale for global trade, new routes, services and new segments, like Liquefied Natural Gas (LNG).The Canal’s new locks will enable between 10 and 12 large vessels to pass, for a total of 40 daily transits.
MAPFRE PANAMA, furthermore, is the insurance provider for ACP personnel since 2005, one of the country’s largest group policies. Since then, the company has been awarded the public bid for providing insurance to the Life, Health and Workplace Accidents grouping for the 9,811 employees of the Canal for three consecutive periods (2005-2010, 2010-2014 and 2014-2019).