The company plans an investment of $2 million for its initial operation in the country, and hopes to expand its activities, said Anthony Cabrelli, chairman of BUPA for Latin America and the Caribbean.
According to an article by Batres Alexis in Elperiodico.com.gt “Enrique Murillo, executive director of the Guatemalan Association of Insurance Institutions (Agis), believes that the entry of BUPA into the domestic market will be seen as direct competition. ‘It will provide healthy competition for the sector’ he said. "
The insurance sector in Guatemala has reported an annual growth of 10% over the last seven years.
Source: elperiodico.com.gt
More on this topic
July 2011
The Spanish insurance group has requested authorization to change the name of Aseguradora Hondureña Mundial to ‘Seguros Mapfre Honduras’.
The Spanish group has completed the purchase process, which began in 2010, of shares held by Aseguradora Mundial in Panama and its subsidiaries in Nicaragua, Costa Rica, El Salvador, Guatemala and Honduras.
October 2011
With the entry of the US firm BMI, Guatemalans now have a new health insurance option available in the country.
The Superintendency of Banks (SB) has authorized a change in the corporate name of the company, which was registered in the country as the BMI Insurance Company of Guatemala, Sociedad Anonima.
November 2009
"ASSA Compañía de Seguros" was authorized to sell individual and general insurance.
The Panamanian company had submitted its request to operate in Costa Rica back in July 22nd.
From Elfinancierocr.com: "A number of final requirements are still pending, like making a minimum operational deposit in the Central Bank, explained Insurance Superintendent Javier Cascante".
November 2010
One month away from the opening of the mandatory insurance market, the laws which will regulate it are still pending.
These regulations will establish operational rules which will allow competition in mandatory car policies and labor risk policies.
On the regulations, Javier Cascante, Superintendent of Insurance said to Nacion.com: "It establishes how to proceed with registration procedures for insurance companies that want to offer these policies and the information to be given to the insured."
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