The life and non-life insurance sectors offer solid growth potential in Guatemala where, in general, the market remains in the earlier stages of development. The non-life sector is the larger of the two and is dominated by basic lines such as motor, health and property insurance. Coverage rates remain minimal in the life sector, though gradual improvements to household income and employment rates combined with positive demographic trends will support steady growth in written premiums.
Key Updates And Forecasts
The small size of the market means that Guatemala is not an investment priority for some multinationals in the region. This has been evidenced by the recent withdrawal from the Guatemalan non-life sector of Generali which has disposed of its holding in Aseguradora General.