Changes in the consumption patterns of Central Americans are opening up growing market opportunities in the health insurance sector.
In an interview conducted by Joel Maldonado with the regional business director of the insurance company Bupa, Felix Fernandez, the official announced that the strategy in the Guatemalan market is to offer affordable products to the upper middle class while maintaining excellence in the international section.
Three international insurers, BUPA Latinamerica, BMI Companies and Best Doctors Insurance Limited are organizing their entry into the health insurance market in Guatemala.
Best Doctors Insurance Limited has agreements with Agromercantil Seguros SA, a local insurer to offer personal and business insurance. The formalization of their entry into the market is Wednesday, May 2nd.
Before new insurance companies join the market insurers are expanding their range of products and services.
Starting next year it is expected that the Superintendency of Banks (SIB) will authorize the insurers Best Meridian Insurance Company (BMI) and the British Union Provident Association (Bupa) to start operations .
The British Insurance giant BUPA expects to start operations in late 2011 or early 2012.
The company plans an investment of $2 million for its initial operation in the country, and hopes to expand its activities, said Anthony Cabrelli, chairman of BUPA for Latin America and the Caribbean.
According to an article by Batres Alexis in Elperiodico.com.gt “Enrique Murillo, executive director of the Guatemalan Association of Insurance Institutions (Agis), believes that the entry of BUPA into the domestic market will be seen as direct competition. ‘It will provide healthy competition for the sector’ he said. "
The Panamanian Aseguradores Association (APADEA), is a non-profit organisation, that was created in 1952 with the objective of developing, enlarging and coordinating the activity of the insurance market throughout Panama.
Operates in Panama
Phone: (507) 225-4445