Guatemala: Damage Insurance in Most Demand

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

Tuesday, July 20, 2010

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

However, 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.

The insurance analyst, Mario Mendizábal, comments that the increase, “is not due to policies purchased by individuals, who do not tend to buy them,” rather, he says, it is because companies are purchasing group policies for all their employees.

More on this topic

Insurance: More Premiums, But More Losses

January 2018

In 2017 in Panama, premiums totaled $1.471 billion, 5% more than in 2016, but the loss ratio in fires and floods increased almost four times.

According to a report by the Superintendency of Insurance and Reinsurance of Panama (SSRP), in 2017 market growth was accompanied by an increase in claims, as insurance companies paid out $119 million for the fire and flood coverage policies, a figure that exceeds the $26 million disbursed in 2016 by 365%.

Insurance Market in Costa Rica in 2012

February 2013

A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.

December 2012 Bulletin from the Superintendent of Insurance (SUGESE):

Basic Indicators

The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance.

Good Prospects for Insurance Companies

May 2012

A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.

From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":

The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth.

Insurance Market Grows in Guatemala

December 2010

By September the insurance market recorded a 7.2% increase over the same period in 2009.

Data from the Superintendence of Banks showed a 5.7% increase in property insurance, 9.6% in accident insurance and 9.3% in life insurance.

"Claims from customers who used their insurance by September 2010 increased by 34% compared to September 2009.

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