Guatemala Insurance Industry – Key Trends and Opportunities to 2027
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Guatemala Insurance Market Report Overview
The gross written premium of the Guatemala insurance market was GTQ10.3 billion ($1.3 billion) in 2022. The market is expected to achieve a CAGR of more than 7% during 2023-2027.
Guatemala Insurance Market Outlook, 2022-2027 (GTQ Billion)
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The Guatemala insurance market research report provides a detailed outlook by product category for the Guatemala insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period. The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Guatemala economy and demographics, and provides detailed information on the competitive landscape in the country.
Market Size (2022) | GTQ10.3 billion ($1.3 billion) (GWP) |
CAGR (2023-2027) | >7% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | Seguros El Roble, ASSA Compania De Seguros (Guatemala), Pan-American Life Insurance of Guatemala Insurance, Seguros Agromercantil, Aseguradora General, Departamento De Seguros Y Prevision De El Credito Hipotecario Nacional De Guatemala, Aseguradora Rural (Guatemala), Mapfre | Insurance Guatemala, Seguros Universales, and G & T Insurance |
Guatemala Insurance Market Trends
Microinsurance and agriculture insurance are the key trends impacting the Guatemala insurance market. For instance, the WFP, in association with International Fund for Agricultural Development, Food and Agriculture Organization, and UN Women started women-led small savings and finance groups in villages of Guatemala in 2016. These groups were provided with microinsurance cover in 2021 against disruption of their productivity activities.
Furthermore, in February 2022, the government of Guatemala introduced agricultural insurance schemes to provide economic coverage to farmers from climate events like heavy rains and intense droughts.
Guatemala Insurance Market by Segments
The key segments in the Guatemala insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
Life Insurance: In 2022, the life insurance penetration rate remained at less than 1%, which was below the emerging and developed markets’ average. Low insurance awareness has limited the growth of the life insurance sector. However, it also provides opportunities for life insurance companies to penetrate the market through microinsurance and low-cost insurance propositions.
General Insurance: PA&H insurance, with a more than 38% share in general insurance GWP in 2022, was the largest general insurance LOB. It was followed by property insurance and motor insurance.
Guatemala is prone to earthquakes which have led to the loss of lives and damage to property. The country is also vulnerable to volcanic eruptions. These adverse factors have increased the uptake of property insurance.
Guatemala Insurance Market Analysis by Segments, 2022 (%)
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Guatemala Insurance Market – Competitive Landscape
The key companies in the Guatemala insurance market are Seguros El Roble, ASSA Compania De Seguros (Guatemala), Pan-American Life Insurance of Guatemala Insurance, Seguros Agromercantil, Aseguradora General, Departamento De Seguros Y Prevision De El Credito Hipotecario Nacional De Guatemala
Aseguradora Rural (Guatemala), Mapfre | Insurance Guatemala, Seguros Universales, and G & T Insurance. Seguros El Roble was the largest insurer in 2022, followed by Seguros Universales and G & T Insurance.
Guatemala Insurance Market Analysis by Insurers, 2022 (%)
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Segments Covered in the Report
Guatemala Insurance Market Segments Outlook (Value, $ Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Guatemala insurance industry –
- It provides historical values for the Guatemala insurance industry for the report’s 2018-22 review period, and projected figures for the 2023-27 forecast period.
- It offers a detailed analysis of the key categories in the Guatemala insurance industry and market forecasts to 2027.
- It profiles the top life insurance companies in Guatemala and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Guatemala insurance industry.
- A comprehensive overview of the Guatemala economy, government initiatives, and investment opportunities.
- The Guatemala insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Guatemala insurance industry’s market structure giving details of lines of business.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Guatemala insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Guatemala insurance industry.
- Assess the competitive dynamics in the Guatemala insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
G & T Insurance
Mapfre Insurance Guatemala
Aseguradora General
Pan American Life Insurance of Guatemala
Seguros Agromercantil
Seguros Universales
Aseguradora Rural (Guatemala)
Table of Contents
Frequently asked questions
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What was the Guatemala insurance market gross written premium in 2022?
The gross written premium of the Guatemala insurance market was GTQ10.3 billion ($1.3 billion) in 2022.
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What is the growth rate of the Guatemala insurance market?
The insurance market in Guatemala is expected to achieve a CAGR of more than 7% during 2023-2027.
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Which segment dominated the Guatemala insurance market in 2022?
The general insurance segment dominated the Guatemala insurance market in 2022.
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Who are the major players operating in the Guatemala insurance market?
The key companies in the Guatemala insurance market are Seguros El Roble, ASSA Compania De Seguros (Guatemala), Pan-American Life Insurance of Guatemala Insurance, Seguros Agromercantil, Aseguradora General, Departamento De Seguros Y Prevision De El Credito Hipotecario Nacional De Guatemala, Aseguradora Rural (Guatemala), Mapfre | Insurance Guatemala, Seguros Universales, and G & T Insurance
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