Guatemala lags behind in the use of insurance

The country is ranked among the last places on the list for Latin America; only 10% of the populations uses some kind of insurance.

Monday, February 2, 2009

According to PRENSALIBRE.com: "Official data reveals that approximate spending is a little more than $377.87 million (Q3 billion) per year, some $29.47 (Q234) per inhabitant.

Even though Guatemala is considered a high risk country, because it is vulnerable to natural catastrophes and high levels of delinquency, life insurance is the product that is least obtained by Guatemalans - only 20% of the population get this type of service -."

More on this topic

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. "

Good Prospects for Insurance Companies

May 2012

A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.

From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":

The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth.

Costa Rica: More Choice for "Easy" Insurance

April 2011

There are ever more alternatives for easy subscription insurance policies in the country.

The opening of the Costa Rican insurance market has not only increased the number of companies offering policies, it has also widened the range of products available to Costa Ricans.

Guatemala: Damage Insurance in Most Demand

July 2010

Cover against damages relating to cars, fires and earthquakes make up 66.4% of total premiums.

According to the Guatemalan banking regulator (Sib), at the end of 2009, accidents accounted for 18.1% and life insurance 15.5%.

However, Sigloxxi.com reports a gradual increase in the contribution of life insurance premiums to the total over the last four years, and growth of 10.9% in 2009.

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