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BMI View: Guatemala's insurance market is developing rapidly, particularly the small life insurance
segment. Rising average income rates are boosting the affordability of both life and non-life products, and
the range of products available in the market is expanding steadily, supported by growing distribution
channels, including bancassurance. Widespread poverty remains a significant hindrance to the growth of
the insurance industry, however, and the development of the market is heavily reliant upon wider economic
growth and political stability in Guatemala.
Key Updates And Forecasts
? GDP growth in Guatemala is expected to slow in 2016, with our Country Risk team currently forecasting
growth of 3.4%, down from 4.1% in 2015. A number of factors are affecting the growth outlook,
including a weak business environment, dependency on low-value manufactured exports and high
vulnerability to swings in commodity prices.
? Growth in the country's non-life sector is expected to broadly track wider economic expansion, with
premiums written currently forecast to increase by 3.9% (in local currency terms) in 2016. Currency
movements mean growth will be slower in US dollar terms, at 2.6%.