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

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.

Guatemala: Insurance Market Up 9%

October 2017

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

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

Guatemala: The Potential of The Insurance Sector

February 2014

The sector's share in GDP is only 1.2 %, whereas in El Salvador and Costa Rica it amounts to 2.1% and 2% respectively.

The insurance market in Guatemala has a lot of potential for growth. The share of this sector in the Gross Domestic Product (GDP) is 1.2 %, as opposed to El Salvador and Costa Rica where it is 2.1 % and 2% respectively.

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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