The Guatemalan insurance association reports that at the end of the year premiums totaled $926 million, 8% more than in 2016.
According to a report presented by the Guatemalan Association of Insurance Institutions, the growth of 7.7% was below the 9% that had been foreseen for 2017.It should be noted that medical insurance exceeded expectations, growing above 10%.
The insurers' association has reported a 9% increase in premiums generated in September this year.
Enrique Murillo, executive director of the Guatemalan Association of Insurance Institutions (AGIS), told Elperiodico.com.gt that"... the total premiums generated in September 2017 is $708 million, while up to the same month last year the figure was $640 million."
The insurance industry had a turnover of $795 million in premiums, thanks to segments such as health, damages, and vehicles, accounting for 1.2% of Guatemala's GDP last year.
According to the Guatemalan Association of the Insurance Industry (Agis), growth in areas such as health and hospitalization (13.3%), damages (6.9%) and automotive (6.8%) vehicles favored a general growth in premiums in 2015 of 6.3% compared to the amount accumulated in 2014, with total premium income being in the order of Q6.157 million.
Between January and September crop insurance generated premiums of $1.9 million, well below the performance of other policies, such as life, which increased by 10% compared to the same period in 2013.
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.
Their suggestion is to facilitate the acquisition of insurance policies by simplifying the current insurance contract forms required by the Tax Administration.
Insurance companies made these and other proposals during the XXXIV Hemispheric Insurance Conference which is taking place in Antigua Guatemala.
During the first eight months of 2013 insurance market premiums generated $425 million, while in the same period of 2012 the figure was $396 million.
The data was supplied by the Guatemalan Association of Insurance Institutions (Agis), which states that 20% of the market is made up of premiums from life policies, 29% for accident and health and the remaining 51% belongs to damage.
Insurers in the country are extending their range of products with services such as coverage for vehicles over 20 years old, accidental death, unemployment and others.
According to Christian Wolck, manager of the insurance division of G & T, there is a tendency to open up the market to all kinds of people, "because so far companies have been very efficient in providing solutions to businesses, but today we have to focus on people. "
With capital of approximately $2 million, British United Provident Association will begin operations in the Guatemalan market in December or January next year.
According to Edgar Barquin, president of the Bank of Guatemala (Banguat), "lodged with the Superintendency of Banks is the study and analysis documentation for the insurer to begin operations in the country, if everything is in order, operations will commence between December 2013 and January next year. During this time authorization from the Monetary Board will be given so that the company can start providing the service. "
In 2011, insurers reported a total of $576 million in signed premiums, which is 18.9% more than in 2010.
According to the Guatemalan Association of Insurance Institutions (Agis), the increase for the category of health insurance was 35.1%, for life policies the increase was 20.8%. Other areas reporting increases were fire 4.4%, and vehicles 13.2%.
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.
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