Reinsurance News
Latin America
Latin American insurance sector faces challenges amidst slower premium growth in 2024: Fitch
12th December 2023
Fitch Ratings has outlined a neutral outlook for the Latin American insurance markets in 2024, citing stable operating conditions and economic growth. Despite positive premium growth projections, the sector is expected to experience a more moderate pace due to increased competition and the normalisation of claims pressure stemming from receding inflation ... Read the full article
UIB opens two new companies in Peru
27th September 2023
International re/insurance broker UIB has expanded its operations in South America with the opening of two new companies in Peru. South Re, created by Jose Espinosa and Clara Escobar, and JEF Corredores de Seguros, headed by Ignacio Espinosa, will become UIB Corredores de Reaseguros and UIB Corredores de Seguros respectively, as ... Read the full article
Chaucer’s Political Violence insurance adds extension for Mexican cartel activity
25th September 2023
With inflation-driven political unrest in Latin America fuelling a rise in demand for political violence insurance, specialty re/insurer Chaucer’s Political Violence insurance product has an extension for Mexican cartel activity. There was an increase in the number of protests and riots in Latin America last year, from 5,261 in 2021-22 to ... Read the full article
Rate increases & strong demand for reinsurance protection to support LatAm reinsurers: Fitch
19th September 2023
Fitch Ratings has recently revealed that it expects premium rate increases, rising investment yields and strong demand for reinsurance protection globally, will continue to support Latin American (LatAm) reinsurers’ earnings in the second half of 2023 and into 2024. According to the ratings agency, headwinds related to high inflation and interest ... Read the full article
MIGA and IDB Invest enter into partnership to boost development impact
4th September 2023
The Multilateral Investment Guarantee Agency of the World Bank (MIGA) and IDB Invest, the private sector arm of the Inter-American Development Bank Group, have entered into a four-year partnership that is set to mobilize more private sector capital in Latin America and the Caribbean. Under the terms of the agreement, MIGA, ... Read the full article
Chubb and HealthAtom partner to expand dental protection in Latin America
27th July 2023
Global re/insurer Chubb and HealthAtom, a Chilean healthtech, have announced an alliance to offer comprehensive dental healthcare in Latin America. Through the alliance, individual clients and corporate groups will have access to completely digital, comprehensive and easy-to-contract dental protection products. Chubb has stated that this “innovative digital insurance is built to optimize ... Read the full article
SRS expands further into Latam with Delgado’s appointment
11th July 2023
Independent insurance company manager, Strategic Risk Solutions (SRS), has announced the appointment of Luis Delgado as Latam Regional Director. In his new role, Delagdo will be responsible for leading SRS’s business development strategies and the geographical expansion of the firm into Latin America. He has been relocated to Colombia to establish ... Read the full article
Latin America’s insurance market stable but inflation clouds outlook: AM Best
29th June 2023
Despite contending with economic headwinds and the related challenges, Latin America’s insurance market remains sound with premium levels nearing those last seen in 2019, credit rating agency AM Best stated in a new report. The Best’s Special Report, “Tighter Financial Conditions, Political Polarization, and Stubborn Inflation Cloud Latin America’s Economic Outlook,” ... Read the full article
Latin America continues to present reinsurers with opportunities, says Aon
16th March 2023
According to a report from Aon's Reinsurance Solutions, Latin America continues to present reinsurers with a host of diversification and growth opportunities. Aon's report suggests the renewal outcomes in Latin America varied by territory at January 1, with many catastrophe and loss-exposed markets experiencing price increases and capacity constraints. Property catastrophe reinsurance ... Read the full article
MAPFRE & Bupa partner to develop health insurance in Latin America
24th February 2023
MAPFRE and Bupa have joined forces to offer international health insurance in Latin America, first in Peru, then in Uruguay and Paraguay, with joint opportunities in other neighbouring countries also being studied. The agreement is set to last for a decade and will automatically extend for an additional five years thereafter. The ... Read the full article
GFIA urges Argentina to remedy reinsurance premium payment obstacles
30th January 2023
The Global Federation of Insurance Associations (GFIA) has penned a letter to the Argentinian insurance supervisor (SSN) expressing concern over new rules causing serious issues with the payment of reinsurance premiums to foreign companies. The GFIA says that the issuance of the Joint General Resolution of the Federal Administration of Public ... Read the full article
GNP Seguros names Alejandro Padilla Head of Reinsurance
5th December 2022
Mexico-based insurer Grupo Nacional Provincial (GNP), has appointed Alejandro Padilla Mariscal as Head of Reinsurance. GNP Seguros is one of the largest insurers in Mexico providing insurance policies that cover life, damage and accidents among others. In addition, the company is also active in the provision of reinsurance services. Padilla Mariscal has ... Read the full article
Aon acquires ERN to drive cat modeling & consultancy in LatAm
9th November 2022
Global professional services firm, Aon, has acquired ERN (Evaluación de Riesgos Naturales), a Mexico-based leader in risk assessment modeling. The acquisition will help drive and expand Aon’s catastrophe modeling and consultancy capabilities in Latin America. Founded in 1996, ERN has developed modeling capabilities that are specific to Latin America and backed by ... Read the full article
Infrastructure projects the biggest opportunity in LatAm, says Lloyd’s head
13th October 2022
Despite geopolitical and economic challenges putting some businesses off investing in Latin America, Daniel Revilla, Lloyd’s regional head of Latin America and the Caribbean (LAC), sees plentiful opportunities for underwriters and brokers with specialist expertise and an appetite for risk. ”Infrastructure investment is where I see the biggest opportunity for Lloyd’s,” ... Read the full article
Scarcity of large cats in LatAm helped insurers while pricing under pressure: AM Best
10th October 2022
A new report from AM Best says that the low number of large-severity catastrophe events in Latin America over the last three years has helped reinsurers in the region, even while pricing and claims costs are under pressure due to high inflation. The firm said in its report, Limited Claims Activity ... Read the full article
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