Guatemala Regulates High Scale Insurance Market

The regulations, endorsed by the Monetary Board, authorizes mass sale of insurance in the country.

Wednesday, January 12, 2011

The new law authorizes marketing campaigns to sell life insurance, medical expenses, accident and liability insurance.

The regulation supports the sale of insurance even in hardware and convenience stores among others.

In their article, Prensalibre.com adds, "Under the amendment, marketing companies must have at least one year of business activity in the domestic market, with infrastructure, which must be recorded in the commercial and tax registers and their executives should not have any pending issues with the law."

More on this topic

Innovation in Coffee Marketing

March 2013

Thrive Farmers Coffee pays producers 50% of the proceeds from the sale of coffee to retailers, in another example of a fair trade initiative.

According to Kenneth Lander, one of its founders, Thrive Farmers Coffee is based on the idea that farmers can "participate in the added value as the coffee goes down to the final consumer."

Guatemala: Banks Broaden Range of Insurance Services

December 2011

According to a resolution from the Junta Monetaria (JM) banks in the financial system can offer their clients mass scale insurance services.

Resolution JM-142-2011, published on Friday 2 December in the Diario Oficial states that the sale of insurance products has been regulated by article 89 of the Law on Insurance Activities since the 5th of January, however it was necessary for the JM , in the opinion of the Superintendency of Banks (SIB), to authorize banking institutions to undertake other operations and provide other services that were not accounted for in the aforementioned legislation ‘as long as they are compatible with normal functions’.

How to Stand Out on the Shelves

July 2011

In addition to simplicity, concrete and clear information and greater product display, the key to standing out on the shelves is to create an emotional bond with the buyer.

Purchasing decisions, those which determine how you choose one product over another depend, in addition to basic factors, on unconscious factors which form a complex web of incentives, that according to experts, "should create an emotional bond with the recipient in order to seduce them. "

Guatemala: Damage Insurance in Most Demand

July 2010

Cover against damages relating to cars, fires and earthquakes make up 66.4% of total premiums.

According to the Guatemalan banking regulator (Sib), at the end of 2009, accidents accounted for 18.1% and life insurance 15.5%.

However, Sigloxxi.com reports a gradual increase in the contribution of life insurance premiums to the total over the last four years, and growth of 10.9% in 2009.

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