Guatemala: British Insurer Applies for Operating Permits

With capital of approximately $2 million, British United Provident Association will begin operations in the Guatemalan market in December or January next year.

Thursday, April 4, 2013

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. "

Enrique Murillo, executive director of the Guatemalan Association of Professional Insurance Agents (Agis), said the organization is looking forward to the installation of the insurer, as it is a company that offers products of interest.

"The products offered by British United Provident Association (Bupa), are good quality and provide care outside of the country, therefore prices are high, and I think it will be a reduced market showing interest in purchasing such insurance," said analyst Mario Mendizabal.



More on this topic

Guatemala: Insurance Companies Broaden Range of Services

November 2011

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 .

Insurer BUPA Comes to Guatemala

August 2011

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.

Bupa Insurance Arrives in Guatemala

August 2010

The insurance company has initiated the process of entering the Guatemalan market with the aim of beginning operations in January 2011.

Bupa plans to invest $5 million over the next three years, its Latin American planning and strategy manager, Ricardo González, told Sigloxxi.com.

Insurance Companies Interested in Guatemala

July 2010

Insurers BUPA and MD International have expressed their intention of entering the Guatemalan market, just weeks after congress passed the Bill for Insurance Activity.

BUPA is based in England while MD International is from the United States. Both reportedly asked the Banking Superintendence for information on the permits and procedures required to operate in the country.

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