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.'"

Source: elperiodico.com.gt

More on this topic

New Laws for the Insurance Market

May 2018

With the aim of boosting the insurance market in El Salvador, business leaders in the sector are proposing changes to the legislation that would allow for expanding marketing channels for policies.

After the Salvadoran insurance market recorded growth of 1% in 2017, bills have been prepared that have been submitted to the Presidential House, which seek to reactivate the sector, through the commercialization of microinsurance focused on people with low incomes.  

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.