Reinsurance News
Latin America
Lockton CCA launches region’s first Food, Agriculture & Beverage insurance broking practice
22nd May 2024
Lockton Caribbean & Central America (CCA) has launched the region’s first Food, Agriculture & Beverage (CCA FAB) insurance broking practice. The new Food, Agriculture & Beverage practice within Lockton CCA, the Miami-based wholesale re/insurance operation focused on the region, within Lockton's Latin America and Caribbean Insurance Services Series (LACIS). Working as a ... Read the full article
Insurance alone cannot protect LatAm from El Niño & La Niña disruption: Swiss Re
13th May 2024
To increase resilience, both adaptation and mitigation are needed in Latin America as insurance alone cannot help protect the region from disruption caused by severe weather events brought by El Niño and La Niña, which will also test the long-standing protection gaps, the Swiss Re Institute states. Weather projections suggest a ... Read the full article
MS Reinsurance eyes strategic expansion in LatAm: CUO (Americas), Segonzac
11th March 2024
In a recent interview with Reinsurance News, Louis de Segonzac, Chief Underwriting Officer (Americas) at MS Reinsurance, discussed the company's strategic focus on expanding its presence in the Latin America (LatAm) market. Segonzac explained that MS Reinsurance maintains a healthy appetite for business in the region, and intends to increase participation ... Read the full article
S&P expects LatAm insurers to face a challenging economic outlook in 2024
26th February 2024
According to S&P Global Ratings' latest analysis of the Latin American (LatAm) insurance landscape, the forecast for 2024 suggests a challenging economic outlook due to an anticipated slowdown in global economic growth. S&P predicts slower growth in the U.S., a significant concern given its strong economic ties with LatAm countries, particularly ... Read the full article
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
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