CONTACTS:
FOR IMMEDIATE RELEASE
MEXICO CITY - JANUARY 05, 2022 08:11 AM (EST)
AM Best is maintaining a market segment outlook of stable on Guatemala’s insurance industry, noting the government’s economic stimulus package in response to COVID-19, which helped to limit the negative impact on carriers’ operating conditions.
The Best’s Market Segment Report, “Market Segment Outlook: Guatemala Insurance,” states that insurers successfully adjusted their books of business, managed claims and maintained solvency amid an evolving market amid the ongoing pandemic. Guatemala’s economy has surpassed its GDP growth estimates and those for the Central American region as a whole. Its insurance market remains the third largest in Central America.
The stable outlook reflects AM Best’s expectations that economic growth will create conditions that normalize claims frequency to pre-pandemic levels. The recovery will continue to depend on successful vaccination efforts, relying on insurers’ technical capabilities to adequately price risks. The speed of premium generation versus the speed of recovery in claims will be important to monitor as life gradually returns to normal.
To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=316346 .
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.