Guatemala: Insurance Industry Grew 6.3% in 2015

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.

Monday, February 15, 2016

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.

Although premiums for medical expenses kept up a good pace, the Agis revealed that it will focus on improving profitability of products for medical expenses, a sector where insurers paid Q1.252 million ($162 million) to its policyholders in 2015.

In a sector that reports high solvency and a contribution to GDP of 1.26%, the union reported that Q594 million ($78 million) more compensation was paid to policyholders in 2015 than in 2014. The total amount of compensation from losses was Q3.312 million ($428 million), 22% higher than in 2014. The percentage of accidents increased from 47% in 2014 to 54% in 2015.

See "2015 Report on the insurance sector by the Guatemalan Association of Insurance Industry"

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