As a result of the damage and losses caused by covid-19 and tropical storms Iota and Eta, insurers in Guatemala have received compensation claims of about $65 million.
According to statistics from the Guatemalan Association of Insurance Institutions (Agis), due to the Eta storm, up to November 30th, 1.005 claims were reported for floods or slopes, which amounted to about $32 million. For Iota, the insurance companies received 120 claims, which together amounted to approximately $2 million.
Between July and October 2020, the number of people in Guatemala exploring options for life insurance online increased by 3%, and the number of Panamanian consumers seeking auto insurance increased by 39%.
CentralAmericaData's interactive platform, Consumer Insights, monitors in real time changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
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.
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.
The National Commission of Banks and Insurance Companies is tendering the collective life and hospital medical insurance policy for the staff of the institution for the years 2021, 2022 and 2023.
Last year, premiums of Ch$1,567 million were written in the country, a figure that did not change significantly from the Ch$1,569 million reported in 2018.
Figures from the General Comptroller of the Republic detail that between 2018 and 2019 premiums in the branch of fire and multi-risk insurance registered a 5% increase.
Discounts in fitness centers, in dental services or in consultations with psychologists, are some of the benefits offered by insurance companies in Costa Rica to maintain their portfolio of clients and attract new ones.
The National Insurance Institute (INS), Sagicor, Pan American Life Insurance, Océanica de Seguros and Mapfre, are some of the competitors in the Costa Rican market that offer this type of privileges in their policies.
Customers who are guided by immediacy and technology, who are also more focused on travel than buying health or life insurance, force insurers to reinvent their processes to continue increasing their sales.
Because the population group known as the "millennials," which is made up of customers who like to keep up with the buying process and are not willing to wait, companies must transform to keep up with their sales pace.
The group fidelity insurance policy to protect the funds and assets of the Central Bank is tendered for the period from December 31, 2019 to January 26, 2022.
Between January and June 2019, premiums increased 4% compared to the same period in 2018, partly because of a 5% increase in health policies and 6% in group life insurance.
The latest data published by the General Comptroller of the Republic indicate that between the first half of 2018 and the same period of 2019 the premiums of the branch of fire and multi-risk insurance registered a 12% increase.
The Central Bank tenders the group life insurance policy and hospital medical expenses for a group of employees of the institution for a two-year term.
During the first five months of the year, premiums of $643 million were written, 4% higher than the $619 million reported for the same period in 2018.
Statistics from the Superintendence of Insurance show that from January to May 2019, the three insurance companies subscribing the highest proportion of market premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with 26%, 16% and 15% respectively.
The policy of collective life insurance and medical expenses for deputies, directors and deputy directors of the Congress of the Republic of Guatemala is tendered for a 24-month term.
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