The insurance market in Guatemala has shown remarkable resilience and growth, as evidenced by a detailed analysis of market volume by coverage. Examining the insurance landscape from June 2023, the total market volume has surged to QTZ 6,158 million, marking an 15.76% increase from the previous year. Delving into specific categories reveals fascinating insights. Life insurance, for instance, has seen a remarkable 20.9% surge in premiums. Personal accidents and health insurance have showcased a growth rate of 9.7%, The non-life insurance category has also made significant strides, with premiums reaching QTZ 2,577 million, an annual growth of 17.3% and Surety marked by a 19.2% increase.
Insurers in Guatemala
Highest year-on-year market share growth ranking
Direct written premiums
Market share dynamics among insurers reflect a competitive landscape. FICOHSA SEGUROS has demonstrated substantial growth, expanding its market share from 1.36% in 2022 to 2.14% in 2023. This impressive performance reflects its strategic initiatives and understanding of evolving customer needs. Similarly, ASSA and SEGUROS BANTRAB have seen considerable market share growth (0.76% and 0.47%) indicating their ability to tap into market demands. BANCO CHN made an 0.54% market share gain, and with a market share of over 11%, continues to hold an important position, reaffirming its significance in Guatemala's insurance sector. Notably, MAPFRE's growth from 7.54% to 7.79% in market share demonstrates its capacity to navigate the evolving landscape.
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