More Insurance Options in Guatemala

The coming into effect of the new Law on January 1st, 2011, would incite the creation of more insurance products geared towards individuals.

Wednesday, December 15, 2010

Insurance in Guatemala has now a 7% penetration, a very low percentage compared to other Latin American countries where it reaches 25 to 30%.

The article by Leonel Díaz Cedeño of Prensalibre.com, reported that the Superintendent of Banks, Victor Mancilla, stated: "The new legislation also brings competition, as it opens the door to foreign insurers to operate in the country. At the moment there is only a formal request from a British insurer, but there have been contacts from Mexico."

The new law requires, for an effective implementation, the creation of more than 30 regulations of which about half have already been approved by the Monetary Board.

More on this topic

Microinsurance Conquers Costa Rica

June 2014

Low-cost auto insurance policies are rapidly expanding the insurance culture in sectors of the population who can not access traditional policies.

Since the opening up of the national insurance market in 2008 and the incursion of microinsurance in 2010, 64 different types of products have been created.

Microinsurance Growing in Panama

May 2014

Two years after the amendment to the Law of the sector, the insurance market covering risks for short periods at low costs has been consolidated.

Banks and supermarkets are some of the outlets that insurance companies use to market a product that has established itself as a commercial operation with a low risk for insurers.

New Insurance Law in Guatemala

May 2010

Congress could pass a new insurance bill on Thursday which would allow the participation of foreign insurers.

Juan Raúl Aguilar, president of the Guatemalan Association of Insurance Institutions, was interviewed by newspaper El Periódico. He discussed the changes introduced by the bill and how it will shape the insurance market.

Pan American Life Authorized to Operate in Costa Rica

March 2010

Pan American Life Insurance Costa Rica S.A. was authorized to operate by Sugese, the Insurance Superintendence.

The insurance company requested authorization on September 2009, and has now become the sixth to enter the Costa Rican market.

“The authorization does not imply its immediate operation, it must sill comply with other requisites established in the Insurance Market Law”, reported Elfinancierocr.com.

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