Guatemala: Insurance Market Trends

In August 2014 the field of health and personal accident was the category which recorded the biggest loss, equivalent to $7 million.

Thursday, September 25, 2014

A monthly report by the Guatemalan Association of Insurance Institutions shows that the categories of personal health and auto accident and were two which experienced the greatest losses in the month of August.

Prensalibre.com reports that "... August losses were lower by $570 thousand compared to the same time period in 2013, when the results closed at $7.6 million.
In the category of damages, the report states that losses totaled $3.2 million. As in the previous line, direct premiums were $238 million and earned premiums $117.4 million.
Of the available quantity $24.8 million was spent on payments to intermediaries, $30 million on administrative expenses and $66 million in claims payments. "

Mario Mendizabal, an insurance analyst, explained that "... naturally insurance premiums should increase, but that would mean that the demand for them falls. The expert noted that, as a solution, insurance companies create exclusions or increase "obstacles" to avoid paying out. 'Insurers look very closely to see what does not apply in order to reduce their costs.' "



More on this topic

Panama Insurance: Claims Up 8%

October 2015

In August 2015 a growth rate of 8% in claims and 4% in the value of premiums was recorded.

Although growth in claims has moderated compared to previous months, the Superintendency of Insurance and Reinsurance believes that the gap between the growth of premiums and claims is still wide and capital required of insurance companies and premium costs need to be raised.

Insurance Trends in Nicaragua

September 2014

Auto policies are the fastest growing category, with an increase of 14% so far this year compared to 2013.

Lack of a culture of prevention is preventing the emerging Nicaraguan insurance market from achieving high growth rates in most policies. Car policies are the most sought after, but those for life, property and health are growing slowly.

Costa Rica Insurance: Claims Up 10%

August 2014

As of July claims for payments totaled $284 million, with personal insurance policies having increased the most.

In the case of personal accident insurance, registered insurance companies reported an increase of 13% between July 2013 and March this year. "...Within this category, those that grew the most were those of health and accident insurance, going from $26 million to $28 million. "

Insurance in Guatemala Up 7.3%

September 2013

During the first eight months of 2013 insurance market premiums generated $425 million, while in the same period of 2012 the figure was $396 million.

The data was supplied by the Guatemalan Association of Insurance Institutions (Agis), which states that 20% of the market is made up of premiums from life policies, 29% for accident and health and the remaining 51% belongs to damage.

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