Guatemala: Insurance Policies Up 10% in 2014

The segment of medical expenses policies registered the largest increase, up 26% over the previous year.

Friday, January 16, 2015

The Guatemalan Association of Insurance Institutions (AGIS) is looking to give greater impetus to reinsurance this year, as currently only one third of the total premiums are ceded to reinsurers.

Salvador Leiva, president of the AGIS told Elperiodico.com.gt that "... The most important thing in our country is that in the area of the most catastrophic events which could jeopardize not only the economy but the country's insurers, this is where the great benefit provided by reinsurers comes in."

Meanwhile, Horst Agata, CEO of GenRe Mexico, said "... The need exists for Latin American governments, particularly those in Central America, to ensure equity and public infrastructure."

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More on this topic

Transportation: Mandatory Insurance in Guatemala

March 2020

As of March 20, the government agreement that requires passenger and cargo transport units to take out civil liability insurance will become effective in the country.

On February 12, 2020, government agreement 17-2020 was published in the Diario de Centroamerica, requiring owners of trucks, panels and pickups, as well as micro and urban buses, taxis, motorcycle taxis and "tuc tucs", to have an insurance policy.

Insurance: Incentives to Attract More Customers

October 2019

Discounts in fitness centers, in dental services or in consultations with psychologists, are some of the benefits offered by insurance companies in Costa Rica to maintain their portfolio of clients and attract new ones.

The National Insurance Institute (INS), Sagicor, Pan American Life Insurance, Océanica de Seguros and Mapfre, are some of the competitors in the Costa Rican market that offer this type of privileges in their policies.

Insurance: How to Expand the Market?

July 2019

Although in the first six months of the year, the Guatemalan market increased to 6%, for the growth to be sustained, it is necessary to regulate the obligatory nature of civil liability insurance against third parties and occupants for all vehicles in the country.

Currently, the Guatemalan insurance market has only regulated compulsory insurance in the part corresponding to extra-urban transport units, which slows down the growth potential of companies in the sector.

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.

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