Optimistic Figures for the Insurance Market

The Guatemalan insurance association reports that at the end of the year premiums totaled $926 million, 8% more than in 2016.

Friday, January 26, 2018

According to a report presented by the Guatemalan Association of Insurance Institutions, the growth of 7.7% was below the 9% that had been foreseen for 2017. It should be noted that medical insurance exceeded expectations, growing above 10%. 

Regarding the growth in medical insurance Nolasco Sicilia, president of Seguros Universales, told Elperiodico.com.gt that "... the greatest growth in health has been seen in basic coverage, such as primary care for clinics and laboratories and imaging."

Sicilia referred to the low dynamism of the Guatemalan economy, noting that "... 'we have to recognize that Guatemala's economy has stagnated a little, there is less foreign investment, Guatemalans themselves have reduced their investments.'"

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More on this topic

Insurance Market in Costa Rica in 2012

February 2013

A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.

December 2012 Bulletin from the Superintendent of Insurance (SUGESE):

Basic Indicators

The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance.

Salvadorian Insurance Market Increases

August 2012

In the first five months of the year, the insurance market recorded an increase of 8% compared to the same period in 2011.

Raul Betancourt, legal advisor to the Salvadoran Association of Insurance Companies (ASES), noted that total industry premiums amounted to $205 million. "This growth is attributed to the pension insurance and life insurance contracts", he said.

Private Unemployment Insurance

June 2012

Guatemala has authorized the marketing of new insurances, including unemployment and terminal illness cover.

With authorization from the Superintendency of Banks (SIB) unemployment insurance will be available in the short term.

This type of insurance allows the unemployed to receive an income for a specified time.

More Insurance Companies in Guatemala

October 2011

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

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.

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