Guatemala: Rules for Microinsurance

The regulation being prepared by the Superintendency of Banks will include simplified procedures for signing contracts, paying premiums, renewals and claims made with this type of insurance.

Friday, July 28, 2017

Now that the process of public consultation of the new regulation has ended, the Superintendency of Banks is preparing to present it to the Monetary Board for approval. 

Elperiodico.com.gt reports that "...According to the proposal, the monthly commercial premium should not exceed three percent of the monthly minimum wage established for agricultural activities.  In this case, the current minimum payment is Q2 thousand 643.21 ($362) which would result in a maximum premium of Q79.30 ($10). "

According to Mario Mendizábal, director of M & D Consultores, "... The experience in South American countries, where the issue has existed for more than a decade, is that these products target the base of the pyramid ... that is to say, the socioeconomic segment "E", with low incomes and which in most cases operate  outside of the banking system.

"... According to banking expert Manuel Perez Lara, he believes that the microinsurance market could have great potential, but the requirements and risks must be analyzed."

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More on this topic

Regional Micro-Insurance Supply Deficit

August 2013

In Central America microinsurance coverage is minimal, with rates well below the rest of Latin America.

Throughout the region, Guatemala leads they way in such services with 0.58%, followed by El Salvador (0.13%), Nicaragua (0.12%), Panama (0.06%) and Honduras (0.05%) . According to a study by the Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB), Salvadorans prefer micro-life insurance (112,000 people) and health insurance (78,000 people).

Insurance Act Delayed in the Panamanian Assembly

November 2011

The passing of the bill – which has already been agreed upon - would allow the development of the micro-insurance market and new distribution channels.

The passing of the bill – which has already been agreed upon - would allow the development of the micro-insurance market and new distribution channels.

Micro-insurance Policies for Central America

August 2010

The Inter-American Development Bank (IDB) and Central America's network of micro-financiers (REDCAMIF in Spanish) are to implement a business model for the development of micro-insurance in the region.

The agreement signed between the IDB and REDCAMIF is backed by a $2.4 million investment to develop the business model.

Micro-insurance Companies for Low-income Sectors

August 2010

For the past year Panama's insurance regulator has been reviewing how to create a micro-insurance market.

Luis Della Togna, head of the insurance regulator, discussed the idea but gave no indication of when micro-insurance companies could be introduced into the market.

"As a guide for Panama's insurance sector, Martha Rodríguez, commercial vice president of Mapfre Seguros Generales Colombia, explained that in Colombia 88% of the country is poor and therefore micro-insurance policies were created to supply this market," reports Laestrella.com.pa.

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