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Insurance Market in Guatemala - 2023.12 Rankings

Direct written premiums Life and non-Life
The insurance sector in Guatemala has experienced significant growth, with net premiums reaching QZ$ 11616 million at the close of Q4 2023, marking a notable increase of 13.2% compared to the previous year. Additionally, the net profit surged to QZ$ 1299 million, reflecting a commendable rise of 6.6% compared to 2022.
Examining key business indicators, the sector demonstrated robust performance. The average loss ratio stood at 48.5%, indicating a stable underwriting environment. Operational efficiency was evident, with the operational result accounting for 17.2% of premiums, and the net result representing 11.2% of premiums, underscoring the industry's ability to manage risks effectively while maintaining profitability.
In terms of market share growth, several companies distinguished themselves in Q4.2023. ASSA Compañia de Seguros led the pack with a substantial increase of +0.68 market share points, followed by Grupo Financiero Ficohsa Guatemala with a rise of +0.43. Seguros Universales, S.A. and Seguros Bantrab secured notable increases of 0.38 and 0.32, respectively, further solidifying their positions in the market. MAPFRE Guatemala also saw growth, albeit at a slower pace, with an increase of +0.22.
Furthermore, a ranking of industry leaders based on net profits showcased the performance of key players. Seguros El Roble emerged as the top performer with a net profit of QT$ 249 million, followed closely by Aseguradora Rural, S.A. with 237 million. Seguros G&T, Banco CHN, and Seguros Bantrab also posted commendable results, with net profits of 189 million, 134 million, and 100 million, respectively.
Base de datos de Excel