Guatemala: Insurance Market Up 9%

The insurers' association has reported a 9% increase in premiums generated in September this year.

Friday, October 20, 2017

Enrique Murillo, executive director of the Guatemalan Association of Insurance Institutions (AGIS), told that "... the total premiums generated in September 2017 is $708 million, while up to the same month last year the figure was $640 million."

See also "Guatemala: Rules for microinsurance"

Murillo said that "... life insurance premiums and hospitalization accounted for almost 50% of the market, which grew by 14.9% and 10.7%, respectively."

"... Up to the third quarter of this year, 505,366 people were reported in the category of health and hospitalization, 566,382 in life, 2.2 million in life insurance to cover outstanding debt and other non-traditional insurance, and 86,318 in individual life."

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More on this topic

Insurance: Salvadoran Market Increases to 9%

September 2019

During the first six months of this year, net premium income totaled $395 million, 9% more than reported in the same period in 2018, an increase explained by life and fire policies.2

According to data from the Salvadoran Association of Insurance Companies (ASES), between the first half of 2018 and the same period in 2019, net premium income grew by $34 million, from $361 million to $395 million.

Insurance in Guatemala: Growth Slows Down

January 2019

During 2018, Guatemala's insurance sector increased 3% year-on-year, well below the 8% growth rate reported between 2016 and 2017.

According to figures presented by the Guatemalan Association of Insurance Institutions (AGIS), between 2017 and 2018 the total of premiums subscribed in the country went from $881 million to $907 million.

Nicaragua: Insurance Premiums Growing

April 2017

Life, health, and accident policies accounted for most of the 12% growth recorded in premiums during the first quarter of the year compared to the same period in 2016.

Total premiums recorded in the first quarter of the year, according to figures provided by Victor Urcuyo, head of the Superintendency of Banks and Other Financial Institutions, amounted to $57 million, almost 13% more than in the same period last year.

Guatemala: British Insurer Applies for Operating Permits

April 2013

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. "

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