Insurance Sector in Guatemala - First Half 2015

At the end of June, the market slowed its growth rate, registering one of the lowest increases in the region.

Tuesday, October 20, 2015

From a report by Fitch Ratings:

First Semester of 2015

SAN SALVADOR, El Salvador, Oct 19, 2015 (BUSINESS WIRE) -- Fitch Ratings has published a new Guatemalan Insurance Dashboard. The report highlights the key events that affected the industry as of June 2015.

The Guatemalan Insurance Dashboard discusses the industry's actual and growth rate, which has slowed down, below other countries in the region. The report examines the challenges for the outstanding operating performance of the Guatemalan insurance market, which has been affected by aggressive competition in some business lines, such as health and fire and autos. Therefore, modifications in insurance companies' portfolio distribution should be an opportunity, seeking for more profitable risks.

See the full report. (spanish)



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Customers who are guided by immediacy and technology, who are also more focused on travel than buying health or life insurance, force insurers to reinvent their processes to continue increasing their sales.

Because the population group known as the "millennials," which is made up of customers who like to keep up with the buying process and are not willing to wait, companies must transform to keep up with their sales pace.

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Although in the first six months of the year, the Guatemalan market increased to 6%, for the growth to be sustained, it is necessary to regulate the obligatory nature of civil liability insurance against third parties and occupants for all vehicles in the country.

Currently, the Guatemalan insurance market has only regulated compulsory insurance in the part corresponding to extra-urban transport units, which slows down the growth potential of companies in the sector.

Costa Rica: Outlook for the Insurance Market

April 2017

Fitch projects a growth close to 15% in premiums this year, in a context of economic stability and consolidation of strategies by insurers.

From a report by Fitch Ratings:

Strong growth in premiums: the Costa Rican insurance industry grew by 16% in terms of premiums written up to the close of 2016, the result of a reclassification in the financial figures of the state - owned company and the largest market participant, Instituto Nacional de Seguros (INS), which was influential in the growth of -9% in 2015. Excluding this reclassification, the sector's growth reached 9% at the end of 2016, which is still a favorable level, according to Fitch Ratings. Meanwhile, private equity insurers recorded premium growth of 35%, thanks to innovation in products and marketing channels.   

Nicaraguan Insurance Market

July 2015

In the first five months of the year premiums totaled $77.9 million, 4% more than in the same period in 2014.

Despite being the smallest of the region's insurance markets, the rate at which premiums sold by the five insurance companies operating in the country have grown allows them to estimate that at the end of 2015 they will reach $200 million in revenue, a figure higher than the $172 million in 2014.

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