Insurance in Guatemala Up 7.3%

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.

Wednesday, September 18, 2013

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.

However, despite the entry into force in 2011 of the new Law on Insurance Activity, the market is still evolving and its growth is due to an increase in the cost of premiums and greater coverage, indicated the insurance expert, Mario Mendizabal. He added that they lack impact and are expensive for those unaccustomed to paying for insurance.

While the industry has recorded a slight increase, Mendizabal was concerned about technical losses in the category of medical expenses ($6.5 million) and cars ($2.9 million), which according to him are not cyclical in nature.

More on this topic

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.

Guatemala: Insurance Market Trends

September 2014

In August 2014 the field of health and personal accident was the category which recorded the biggest loss, equivalent to $7 million.

A monthly report by the Guatemalan Association of Insurance Institutions shows that the categories of personal health and auto accident and were two which experienced the greatest losses in the month of August.

Guatemala: British Insurer Applies for Operating Permits

April 2013

With capital of approximately $2 million, British United Provident Association will begin operations in the Guatemalan market in December or January next year.

According to Edgar Barquin, president of the Bank of Guatemala (Banguat), "lodged with the Superintendency of Banks is the study and analysis documentation for the insurer to begin operations in the country, if everything is in order, operations will commence between December 2013 and January next year. During this time authorization from the Monetary Board will be given so that the company can start providing the service. "

Guatemala: Insurance Profits Fall 13%

June 2009

During the first five months of the year, insurance companies had profits of $11 million, 12.8% less than the same period last year.

The main reason for the decline in profits of the Guatemalan insurance companies was the accident rate. As of May 2009, the rate was at 65.8%, while in May 2008, it was at 56.5%.

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