Insurance Premiums Rise in Guatemala

The increase can be explained by changes in accounting practices generated by the application of the law on Insurance Activity .

Thursday, October 20, 2011

The enforcement of the law earlier this year has had a significant impact on premiums collected by insurance companies in the country.

Between January and September, the company received $447 million in net premiums directly, whereas in the same period last year this figure was $357 million.

According to the experts, this change reflects the way in which premiums are accounted for. Previously only the monthly amounts, for medical insurance expenses for example, were recorded, whereas now they are recorded annually.

In an article prensalibre.com, Mario Mendizabal, an expert from the insurance sector, said: "It is due to accounting changes in the companies, insurers are beginning to show their true size. The act has removed some of the bad practices in recording operations. "

By the end of the year, Mendizabal expected the amount to have increased by up to 90%, compared with 2010, when insurance records were compiled differently. "

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