The insurance market in Guatemala has shown notable dynamics in the first half of 2024. With a total market volume of 6,419 million Quetzales, the sector is demonstrating both growth and challenges across various types of coverage.
Life insurance continues to be a significant segment, with a business volume of 1,538 million Quetzales, reflecting a nominal year-on-year growth of 2.6%. However, the Accident and Health insurance segment faced a decline, dropping by 2.9% to 1,828 million Quetzales. The Non-Life insurance sector, on the other hand, has been a strong performer, growing by an impressive 12.3% to reach a volume of 2,895 million Quetzales. The surety has seen a substantial decrease of 20.9%, with a volume of 157 million Quetzales.
Analyzing the technical indicators, the market has experienced an increase in acquisition costs and claims, rising from 40.6% in June 2023 to 41.5% in June 2024. Despite this, the gross profit from insurance operations has improved from 16.1% to 17.7% over the same period, indicating better profitability and operational efficiency. The net profit margin has also seen a positive trend, increasing from 11.0% to 11.6%.
Focusing on market share and growth, SEGUROS EL ROBLE stands out as the leader in both aspects. It gained the most in market share, adding 1.94 percentage points and securing an 18.5% market share. This positions EL ROBLE as the dominant player in the Guatemalan insurance market. G&T CONTINENTAL SEGUROS follows with a 14.5% market share, while MAPFRE, ASEGURADORA GENERAL, and SEGUROS UNIVERSALES hold 8.7%, 8.4%, and 7.9% respectively. Other notable gainers in market share include MAPFRE with +0.90 points, ASSA with +0.78 points, ASEGURADORA GENERAL with +0.65 points, and G&T with +0.62 points.
The competitive landscape in Guatemala’s insurance market is vibrant, with leading companies pushing for greater market dominance. While the market as a whole grew by 4.2%, this growth is unevenly distributed among different types of coverage. The robust performance of the Non-Life segment indicates a shift in consumer demand and market dynamics.
In conclusion, Guatemala’s insurance market in 2024 exhibits a mix of resilience and transformation. The overall growth, driven primarily by Non-Life insurance, highlights areas of opportunity and adjustment for insurers. Companies need to navigate the increasing costs and leverage the growing segments to maintain and enhance profitability. As the market continues to evolve, insurers that can adapt to changing demands and improve operational efficiencies will likely emerge as the frontrunners in this competitive landscape.
Life insurance continues to be a significant segment, with a business volume of 1,538 million Quetzales, reflecting a nominal year-on-year growth of 2.6%. However, the Accident and Health insurance segment faced a decline, dropping by 2.9% to 1,828 million Quetzales. The Non-Life insurance sector, on the other hand, has been a strong performer, growing by an impressive 12.3% to reach a volume of 2,895 million Quetzales. The surety has seen a substantial decrease of 20.9%, with a volume of 157 million Quetzales.
Analyzing the technical indicators, the market has experienced an increase in acquisition costs and claims, rising from 40.6% in June 2023 to 41.5% in June 2024. Despite this, the gross profit from insurance operations has improved from 16.1% to 17.7% over the same period, indicating better profitability and operational efficiency. The net profit margin has also seen a positive trend, increasing from 11.0% to 11.6%.
Focusing on market share and growth, SEGUROS EL ROBLE stands out as the leader in both aspects. It gained the most in market share, adding 1.94 percentage points and securing an 18.5% market share. This positions EL ROBLE as the dominant player in the Guatemalan insurance market. G&T CONTINENTAL SEGUROS follows with a 14.5% market share, while MAPFRE, ASEGURADORA GENERAL, and SEGUROS UNIVERSALES hold 8.7%, 8.4%, and 7.9% respectively. Other notable gainers in market share include MAPFRE with +0.90 points, ASSA with +0.78 points, ASEGURADORA GENERAL with +0.65 points, and G&T with +0.62 points.
The competitive landscape in Guatemala’s insurance market is vibrant, with leading companies pushing for greater market dominance. While the market as a whole grew by 4.2%, this growth is unevenly distributed among different types of coverage. The robust performance of the Non-Life segment indicates a shift in consumer demand and market dynamics.
In conclusion, Guatemala’s insurance market in 2024 exhibits a mix of resilience and transformation. The overall growth, driven primarily by Non-Life insurance, highlights areas of opportunity and adjustment for insurers. Companies need to navigate the increasing costs and leverage the growing segments to maintain and enhance profitability. As the market continues to evolve, insurers that can adapt to changing demands and improve operational efficiencies will likely emerge as the frontrunners in this competitive landscape.
