The increasing importation of used vehicles, the increase in the number of motorcycles and the perception that the risk to which drivers are exposed is low, are some of the reasons that explain why the penetration of vehicle insurance in the Guatemalan market is still only 10%.
According to data from the Superintendence of Tax Administration (SAT) at the end of 2020 there were 4.11 million vehicles registered nationwide, this figure exceeded by 8% the 3.79 million reported at the end of 2019.
During 2018, Guatemala's insurance sector increased 3% year-on-year, well below the 8% growth rate reported between 2016 and 2017.
According to figures presented by the Guatemalan Association of Insurance Institutions (AGIS), between 2017 and 2018 the total of premiums subscribed in the country went from $881 million to $907 million.
According to the association of insurers, the increase in the sector's income is partly because of the dynamism registered in the life and medical i
Since January a downward trend has been noted in premiums receivable by insurance companies operating in the country, reaching $232 million in September.
The report"Quarterly Bulletin of Statistics of the Insurance Business - September 2016"by the Superintendency of Banks of Guatemala, reveals figures from the operation of insurance companies registered in the country, including details on premiums receivable, cash, the financial position of each one and the main items of investment, among other things.
In August 2014 the field of health and personal accident was the category which recorded the biggest loss, equivalent to $7 million.
A monthly report by the Guatemalan Association of Insurance Institutions shows that the categories of personal health and auto accident and were two which experienced the greatest losses in the month of August.
The increase can be explained by changes in accounting practices generated by the application of the law on Insurance Activity .
The enforcement of the law earlier this year has had a significant impact on premiums collected by insurance companies in the country.
Between January and September, the company received $447 million in net premiums directly, whereas in the same period last year this figure was $357 million.
A company whose assets are not insured is like a tight-rope walker without a net: any mistake could mean death.
There are three kinds of corporate insurance. While not all companies may benefit from all kinds of protection, they are likely to need at least one in order to cover all the risks to which they are exposed.
Insurance policies for companies include everything from coverage against workers' compensation claims to protection against executive kidnappings. With so many options available, businesses need to analyze their needs carefully and balance the cost of premiums relative to the cost of a given risk.