Guatemala is the most populous country in Central America, and its economy is mainly driven by the agricultural sector, which contributed 13.5% of GDP and employed 38% of the total labor force in 2013. The 1996 peace accords, which concluded 36 years of civil war, brought in economic stability and opened doors for foreign investors. The economy recovered in subsequent years, however, and GDP at constant prices grew at a compound annual growth rate (CAGR) of 3.4% during the review period (2009–2013). The Guatemalan insurance industry grew at a review-period CAGR of 10.0%. The emergence of micro insurance and the entry of foreign insurers, following the implementation of the Insurance Activity Law in 2010, supported the growth of the life segment. In terms of percentage share, non-life accounted for 56.7% of the total industry in 2013. The segment was led by property insurance with a 49.3% share, and motor with 38.6%, with the remaining 12.0% contributed by liability and marine, aviation and transit insurance.
The report provides in-depth industry analysis, information and insights into the insurance industry in Guatemala, including:
- The Guatemalan insurance industry’s growth prospects by insurance segment and category
- The competitive landscape in the Guatemalan insurance industry
- The current trends and drivers in the Guatemalan insurance industry
- Challenges facing the Guatemalan insurance industry
- The detailed regulatory framework of the Guatemalan insurance industry
This report provides a comprehensive analysis of the insurance industry in Guatemala:
- It provides historical values for the Guatemalan insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
- It offers a detailed analysis of the key segments and categories in the Guatemalan insurance industry, along with forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Guatemala, and outlines the key regulations affecting them.
Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast industry data related to the Guatemalan insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities in the Guatemalan insurance industry.
- Assess the competitive dynamics in the Guatemalan insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Guatemalan insurance industry, and their impact on companies and the industrys future.
- Guatemala is the most populous country in Central America
- The Guatemalan insurance industry is projected to grow at a forecast-period (2013–2018) CAGR of 9.5%
- Growth in the real-estate market and the country’s exposure to catastrophic risk supported the non-life segment’s growth during the review period, resulting in an increase in written premium at a CAGR of 9.1%
- Insurance penetration in Guatemala is low compared to other Central American countries
- According to 2013 World Bank Statistics, Guatemala is the poorest country in Central America, with over 40% of the population living on an income of GTQ11.9 (US$1.5) per day in 2012
- Guatemala has one of the highest crime rates in Central America, and has been rated ‘critical’ by the US Department of State
- As of 2013, the Guatemalan insurance industry was served by 27 insurers
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