The insurance industry had a turnover of $795 million in premiums, thanks to segments such as health, damages, and vehicles, accounting for 1.2% of Guatemala's GDP last year.
According to the Guatemalan Association of the Insurance Industry (Agis), growth in areas such as health and hospitalization (13.3%), damages (6.9%) and automotive (6.8%) vehicles favored a general growth in premiums in 2015 of 6.3% compared to the amount accumulated in 2014, with total premium income being in the order of Q6.157 million.
Insurers in the country are extending their range of products with services such as coverage for vehicles over 20 years old, accidental death, unemployment and others.
According to Christian Wolck, manager of the insurance division of G & T, there is a tendency to open up the market to all kinds of people, "because so far companies have been very efficient in providing solutions to businesses, but today we have to focus on people. "
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. "
In 2011, insurers reported a total of $576 million in signed premiums, which is 18.9% more than in 2010.
According to the Guatemalan Association of Insurance Institutions (Agis), the increase for the category of health insurance was 35.1%, for life policies the increase was 20.8%. Other areas reporting increases were fire 4.4%, and vehicles 13.2%.