More Insurance Options in Guatemala

The coming into effect of the new Law on January 1st, 2011, would incite the creation of more insurance products geared towards individuals.

Wednesday, December 15, 2010


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Insurance in Guatemala has now a 7% penetration, a very low percentage compared to other Latin American countries where it reaches 25 to 30%.

The article by Leonel Díaz Cedeño of Prensalibre.com, reported that the Superintendent of Banks, Victor Mancilla, stated: "The new legislation also brings competition, as it opens the door to foreign insurers to operate in the country. At the moment there is only a formal request from a British insurer, but there have been contacts from Mexico."

The new law requires, for an effective implementation, the creation of more than 30 regulations of which about half have already been approved by the Monetary Board.

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Low-cost auto insurance policies are rapidly expanding the insurance culture in sectors of the population who can not access traditional policies.

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Two years after the amendment to the Law of the sector, the insurance market covering risks for short periods at low costs has been consolidated.

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Guatemala Lacks Insurance for Public Assets

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The Finance ministry suggested the State to acquire insurance to protect public infrastructure.

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New Insurance Law in Guatemala

May 2010

Congress could pass a new insurance bill on Thursday which would allow the participation of foreign insurers.

Juan Raúl Aguilar, president of the Guatemalan Association of Insurance Institutions, was interviewed by newspaper El Periódico. He discussed the changes introduced by the bill and how it will shape the insurance market.

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