Transportation: Mandatory Insurance in Guatemala

As of March 20, the government agreement that requires passenger and cargo transport units to take out civil liability insurance will become effective in the country.

Thursday, March 12, 2020

On February 12, 2020, government agreement 17-2020 was published in the Diario de Centroamerica, requiring owners of trucks, panels and pickups, as well as micro and urban buses, taxis, motorcycle taxis and "tuc tucs", to have an insurance policy.

You may be interested in "Honduras: Tender for Vehicle Insurance"

Christian Nölk Rodríguez, president of the Guatemalan Insurance Association (Agis), explained to Prensalibre.com that "... from March 20th, that is, 30 days after the regulations were issued, the companies will offer the products to those interested in complying with the regulations."

It is estimated that of the total Guatemalan vehicle fleet, around 414,000 are transport units, but only 72,000 already have civil liability insurance.

Also see "Cars and Motorcycles: Market Share in the Region" and "Vehicles: Business Fleet Figures"

Hermann Girón, vice-president of Agis, said that "... the accident rate in traffic accidents in Guatemala is one of the highest. The companies are already prepared to offer the insurance and in the market there will be several rates depending on the characteristics of the vehicle."

See Government Agreement publication (in Spanish).

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Transportation: Mandatory Insurance until 2021

October 2020

Following the reform of government agreement 17-2020, the entry into force of the regulation requiring passenger and cargo transport units to take out civil liability insurance was delayed for one year in Guatemala.

On February 12, 2020, the governmental agreement 17-2020 was published in the Diario de Centroamerica, which obliged the owners of trailers, trucks, panels and pickups, as well as urban micro and buses, cabs, motorcycle cabs and tuc-tucs, to have an insurance policy as of March 20 of this year.

Insurance: How to Expand the Market?

July 2019

Although in the first six months of the year, the Guatemalan market increased to 6%, for the growth to be sustained, it is necessary to regulate the obligatory nature of civil liability insurance against third parties and occupants for all vehicles in the country.

Currently, the Guatemalan insurance market has only regulated compulsory insurance in the part corresponding to extra-urban transport units, which slows down the growth potential of companies in the sector.

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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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