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%.”
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).
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. "
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