Pandemic: Effects on the Insurance Market

Although the covid-19 outbreak in Guatemala has increased interest in medical and life insurance, it is expected that because of the economic crisis, group insurance sales will be affected.

Monday, August 10, 2020

Figures revealed by directors of the Guatemalan Association of Insurance Institutions (AGIS), detail that so far the months with the highest incidence of positive cases have been June and July.

You may be interested in "Financial Services: Business Potential in Central America" reviews that "... The 17 companies that make up the AGIS report that 132 cases were treated in hospitals at an average cost of Q64,870 ($8,425), while those who had outpatient treatment were 1,524 and the average expenditure was Q8,528 ($1,107)."

Christian Nölck Rodriguez, president of AGIS, explained that during the months that the health crisis has lasted, there has been greater interest in knowing the products in the different companies in the medical and life expenses branches.

For Rosario Chang, director of MI Consulting, in Guatemala the penetration of the insurance is low and it is expected that "... the deterioration of the economic situation will affect the capacity of some companies to cover group health insurance. Products must be designed to address primary health problems."

According to CentralAmericaData reports, in Guatemala nearly 200 thousand people are looking for insurance through the Internet. Of this group of consumers, approximately 28% explore options to purchase health insurance.

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From January to June 2020 in Nicaragua, the amount paid by insurers for life insurance increased by 54% compared to the same period in 2019, a rise that could be explained by the health crisis generated by the spread of covid-19.

Although the Nicaraguan government had only 116 deaths from covid-19 as of July 28, the numbers of insurance companies competing in the local market reflect another reality.

Vehicle Insurance Market Falls

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Due to confinement, the economic crisis and vehicle restriction measures, two out of ten customers in Guatemala cancelled their car insurance.

The spread of covid-19 has generated a health and economic crisis in the country, a situation that caused falls in the income of insurance companies, however, the sector's union considers that it is a temporary effect and that in the coming months sales could recover.

PPPs in the Insurance Market

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Having the possibility of offering complementary private insurance for medical care and social security pensions is one of the proposals of the union in Guatemala.

Directors of the Guatemalan Association of Insurance Institutions (AGIS) indicate that they have developed proposals to seek such synergies with the Guatemalan Social Security Institute (IGSS).

Insurance: Positive Expectations in Guatemala

April 2019

Improving the presence in cities of the province and taking advantage of the margin of growth that still exists in the metropolitan area are the keys for the sector to grow during the following years.

According to figures presented by the Guatemalan Association of Insurance Institutions (AGIS), between 2017 and 2018 the number of premiums subscribed in the country went from $881 million to $907 million, which is equivalent to a 3% increase.

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