More Insurance Companies in Guatemala

With the entry of the US firm BMI, Guatemalans now have a new health insurance option available in the country.

Wednesday, October 5, 2011

The Superintendency of Banks (SB) has authorized a change in the corporate name of the company, which was registered in the country as the BMI Insurance Company of Guatemala, Sociedad Anonima.

Once the process in the SB has been finalised, the Monetary Board must then authorize the changes.

An article in S21.com.gt states: "another firm interested in entering the local market is the insurer Bupa, which submitted its documentation on August 16 to form the Bupa Guatemala SB, Compañía de Seguros, S.A. This is currently being reviewed in order to verify compliance with the requirements of the Insurance Activity Act. "



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November 2014

Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth.

According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies.

Nicaragua: Insurance Market up to March

May 2014

Products in the category of life, accident and health lead the 6% increase in premiums seen in the first three months of the year compared with the same period in 2013.

Total premiums paid in the first quarter amounted to $42 million, of which 37.4% were for first party car insurance, 21.0 % for fire insurance and associated lines, 19.09 % for life insurance (individual and collective) and the remaining 6.01 % for health insurance.

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.

Opportunities in the Central American insurance market

March 2012

A low penetration level of insurance as related to GDP allows for sustainable growth of insurance businesses.

In the past five years, Panama has seen an explosion of commercial development and an influx of insurance companies. The country is about to remake its insurance legislation, which is also aimed at helping the country become a regional hub for insurance and reinsurance, according to Carlos Abrahams, a director at Global Intermediaries. Global is a specialized reinsurance consultancy and brokerage in Panama City, Panama.