Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Guatemala Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Guatemala includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
The northernmost country in the Central American isthmus, Guatemala borders Mexico, Belize, Honduras and El Salvador. The country is divided into two distinct geographic regions: the north is covered by tropical rain forests whilst the rest of the country is mountainous.
Total market premium income was reported to have grown 5.1% in 2019 to GTQ 9.03bn. Non-life accounted for GTQ 4.59bn, personal accident and healthcare (which are treated as non-life classes) accounted for GTQ 2.57bn (USD 333.65mn) and life premiums represented GTQ 1.88bn. There were a total of 28 insurers registered in January 2020, including bonding companies, 18 were writing life and healthcare business.
The market is heavily intermediated, between large corporate brokers and smaller or individual agents. Little direct business is conducted but bancassurance has shown some growth in recent years, particularly for those insurers forming part of financial groups.