Guatemala: Insurance Profits Fall 13%

During the first five months of the year, insurance companies had profits of $11 million, 12.8% less than the same period last year.

Monday, June 29, 2009

The main reason for the decline in profits of the Guatemalan insurance companies was the accident rate. As of May 2009, the rate was at 65.8%, while in May 2008, it was at 56.5%.

Additionally, Mario Mendizábal, President of the Guatemalan Association of Insurance Institutions (AGIS, acronym in Spanish), indicated to the website Sigloxxi.com, that “the crisis has had an effect on insurance sales, but it hasn’t affected all types of insurance. Among the evidence is collective life insurance (which is paid by companies to its employees), which increased by 17%, says Mendizábal. On the other hand, individual life insurance policies fell 6%.”

More on this topic

Insurance Market in Costa Rica up to March 2014

May 2014

The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.

The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).

Latin America: The Golden Child for Insurers

May 2013

During the first half of 2012, the insurance sector in Latin America had a premium volume of $77,085 million, maintaining growth rates of two digits.

According to César Quevedo, deputy director of the Institute of Science at Seguro de Fundación Mapfre, the insurance industry is "key" to this global market.

Guatemala: British Insurer Applies for Operating Permits

April 2013

With capital of approximately $2 million, British United Provident Association will begin operations in the Guatemalan market in December or January next year.

According to Edgar Barquin, president of the Bank of Guatemala (Banguat), "lodged with the Superintendency of Banks is the study and analysis documentation for the insurer to begin operations in the country, if everything is in order, operations will commence between December 2013 and January next year. During this time authorization from the Monetary Board will be given so that the company can start providing the service. "

Panamanian insurance companies pay 53% more

November 2008

In 2008 the insurance companies have paid $84.6 million more in claims than for the same period in 2007.

The expenses incurred by insurers for total claims paid out as of September were $241.8 million, or $84.6 million more than for the same period in 2007 when the payments totaled $157.2.

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