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 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.

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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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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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