Guatemala Insurance Report Q2 2016
BMI View: Growth will slow from recent double-digit rates to a more sustainable 7-8% over the five yearsto 2020. The life sector is set to outperform the non-life market, but health insurance will be the big winnerin the industry overall, driven in part by inadequate public health provisions. Non-life premiums are set toreach USD1bn by 2020. Competition is high, with the fragmentation in the market hampering theprofitability and scale that would allow the market to grow faster, although low incomes also harm thesector's prospects.
Key Updates And Forecasts
The merger of PALIG and Mutual trust Holding Company is likely to see the former reduce itsengagement with Central American markets, to the detriment of the life sector.
Part-year reports suggest that the life sector underperformed expectations in 2015.
Corruption scandals in the construction sector pose a risk to the development prospects of propertyinsurance.
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