Insurance: Positive Expectations in Guatemala

Improving the presence in cities of the province and taking advantage of the margin of growth that still exists in the metropolitan area are the keys for the sector to grow during the following years.

Tuesday, April 16, 2019

According to figures presented by the Guatemalan Association of Insurance Institutions (AGIS), between 2017 and 2018 the number of premiums subscribed in the country went from $881 million to $907 million, which is equivalent to a 3% increase.

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Christian Nolck Rodriguez, president of AGIS, explained to that the insurance market "... It is performing satisfactorily, a solid market that is well prepared to face the responsibilities and the strength of the market has been improving in the last six years."

Nolck added that the growth potential of the sector is in "... the cities of the province, because the infrastructure already exists to carry the product efficiently and be able to keep it active. In the case of the metropolitan area, it still has room for growth, but it already demonstrates a higher culture of prevention than the rest of the territory."

According to the director, the insurance market should be growing twice as much as the annual population and on average, the growth should be 6%.

More on this topic

Effects of the Negative Risk Outlook

April 2019

Guatemalan businessmen assure that the change from Stable to Negative made by Fitch Ratings in the country's risk perspective should be taken seriously, since investments could stagnate.

On April 11, Fitch announced that it maintained its "BB" rating for long-term foreign currency debt default, but decided to modify the outlook because the country reflects political tension and greater uncertainty in agents, as well as a constant erosion in the government's low tax collection.

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.

Optimistic Figures for the Insurance Market

January 2018

The Guatemalan insurance association reports that at the end of the year premiums totaled $926 million, 8% more than in 2016.

According to a report presented by the Guatemalan Association of Insurance Institutions, the growth of 7.7% was below the 9% that had been foreseen for 2017. It should be noted that medical insurance exceeded expectations, growing above 10%. 

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 that "... the total premiums generated in September 2017 is $708 million, while up to the same month last year the figure was $640 million."

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