Guatemala: Little Demand for Agricultural Insurance

Between January and September crop insurance generated premiums of $1.9 million, well below the performance of other policies, such as life, which increased by 10% compared to the same period in 2013.

Friday, October 31, 2014

According to the Guatemalan Association of Insurance Institutions (Agis), "... lack of awareness among the population to ensure their crops is one of the reasons why agricultural insurance has shown only modest growth."

Salvador Leiva, an insurance representative, told that "... The crop insurance penetration has been achieved through the public private program GUATEINVIERTE."

"... The areas with greater assurance are in the southwest and northeast, where corn, rice, banana, mango, melon, palm and tobacco are grown. Also, certain vegetables such as broccoli, tomato, onion and potato."

More on this topic

Guatemala: Insurance Industry Grew 6.3% in 2015

February 2016

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.

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.

Costa Rica: Group Crop Insurance

June 2015

Through eight financial institutions enterprises in the agricultural sector will have access to a collective crop insurance with Instituto Nacional de Seguros.

Some of the crops covered by this insurance are: rice (waterlogged, complementary irrigation and rainfed), squash, banana (organic and traditional), cocoa, coffee, Indian cane, sugarcane, onion, spicy export pepper, sweet pepper, beans, bulb flowers, leather leaf fern and hydroponic vegetables, corn, melon, watermelon for export, yam and taro for export, oil palm, potato, papaya, pepper, pineapple and plantain for export, Jaltepec burley tobacco, teak and melina , tiquizque, cassava, yampi, ñampí for export, and carrot.The list could be expanded on pending a study by the INS.

Costa Rica Subsidizes Crop Insurance

May 2009

The government will subsidize between 30% and 60% of the total cost of insurance premiums for crop losses due to bad weather.

Rice, beans, corn, potatoes, onions, bananas and tropical roots (cassava, cocoyam, yam and taro) are the crops that will benefit.

Agriculture Minister Javier Flores informed "We are already working with the INS, the Treasury Department and international agencies on a parametric insurance system based on historical rainfall rates and weather conditions. These premiums would be much more accessible for producers."

Insurances for Small Guatemalan Farmers

February 2009

The Guatemalan Association of Insurance Institutions (AGIS) promotes the creation of an insurance product for small farmers, subsidized by the state.

Mario Mendizábal, director of AGIS, explained to, "The idea is to support small farmers, who do not have access to other types of agricultural insurance but suffer serious losses due to the effects of climate or natural disasters.

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