Before new insurance companies join the market insurers are expanding their range of products and services.
Starting next year it is expected that the Superintendency of Banks (SIB) will authorize the insurers Best Meridian Insurance Company (BMI) and the British Union Provident Association (Bupa) to start operations .
"BMI acquired the license to operate from World Aseguradora Mundial-Colectivos Empresariales, previously Empresa Guatemalteca Cigna de Seguros, to venture into Guatemala and specializes in life insurance, medical expenses, disability and hospital.
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.
Once the process in the SB has been finalised, the Monetary Board must then authorize the changes.
Best Meridian Insurance Company (BMI) has entered the market by acquiring the license to operate from Aseguradora Mundial-Colectivos Empresariales.
BMI, is a company dedicated to the health, life, disability and financial services insurance and has a $7 billion portfolio of over 200 thousand customers.
"MPF Central America, former owner of Aseguradora Mundial, explained that the sale transaction relates only to the operating license because the insurance portfolio, assets and liabilities were transferred to MAPFRE Insurance Guatemala, SA", noted an article in Elperiodico.com.gt
The regulator (abbreviated SUGESE in Spanish) has given authorization for Best Meridian Insurance Company (BMI) to begin operations.
The US insurer is the tenth to be granted authorization to enter the Costa Rican market and specializes in personal insurance such as health, life and incapacity policies.
According to the country's insurance regulators, SUGESE, "the company's authorization is conditional on it complying with additional requirements over the next four months as well as registering the policies it plans to sell," reports Elfinancierocr.com.