Insurance in Guatemala: Growth Slows Down

During 2018, Guatemala's insurance sector increased 3% year-on-year, well below the 8% growth rate reported between 2016 and 2017.

Thursday, January 17, 2019

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.

According to the association of insurers, the increase in the sector's income is partly because of the dynamism registered in the life and medical i
nsurance portfolios.

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The actuary of the (AGIS), Carme de González, said Elperiodico.com.gt that "... the year-on-year growth that this sector has maintained in recent years has been 7%. When inflation took away the real growth in 2018 was 0.67 percent. In 2017 it was 3.32 percent."

Regarding the slowdown in the sector, the president of AGIS, José Pivaral, explained that "... the economic situation does not have an economic origin, but political institutional and macroeconomic indicators still do not show that there is a recession. There has been a slowdown... but we are still in a normal state. An opportunity for growth has been lost because economic agents and all people when there is a complicated situation postpone their investment decisions. The institutional issue that the country lives, is given more in the urban."

By 2019, the country's insurance companies forecast that they could reach an 8% growth in all branches, compared to what was reported during 2018.

More on this topic

Insurance: Positive Expectations in Guatemala

April 2019

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.

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.

Insurance Market: Figures in 2018

January 2019

Because of vehicle and health insurance performance, premiums paid in Panama last year totaled $1.562 million, 6% more than in 2017.

Preliminary figures from the Superintendence of Insurance and Reinsurance detail that last year income from vehicle insurance totaled $321 million and increased 9% with respect to 2017.

Guatemala: The Potential of The Insurance Sector

February 2014

The sector's share in GDP is only 1.2 %, whereas in El Salvador and Costa Rica it amounts to 2.1% and 2% respectively.

The insurance market in Guatemala has a lot of potential for growth. The share of this sector in the Gross Domestic Product (GDP) is 1.2 %, as opposed to El Salvador and Costa Rica where it is 2.1 % and 2% respectively.

Insurance in Guatemala Up 7.3%

September 2013

During the first eight months of 2013 insurance market premiums generated $425 million, while in the same period of 2012 the figure was $396 million.

The data was supplied by the Guatemalan Association of Insurance Institutions (Agis), which states that 20% of the market is made up of premiums from life policies, 29% for accident and health and the remaining 51% belongs to damage.

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