Insurance companies, like many others, are exposed to multiple risks and, therefore, they are concerned about having mechanisms to ensure their operations, avoiding that, in the event of a large loss, the exposure of their patrimony becomes greater. That is why reinsurance is such an important contract in insurance markets worldwide. It helps to (i) increase the financial backing capacity …

The World Economic Forum Global Risks Report 2022 presents the results of the latest Global Risks Perception Survey, followed by analysis of key risks emanating from current economic, societal, environmental and technological tensions. According to the World Economic Forum Global Risks Report 2022: Top risks are climate crisis, growing social divides, heightened cyber risks and an uneven global recovery, as …

Allianz: Construction companies to see robust growth and “new age” risks post-Covid • Current shortage of materials and skilled labor add to long-term challenges around new design, materials and building methods driven by sustainability and net zero strategies. • AGCS analysis of €11bn worth of construction and engineering claims over five years identifies top causes of loss by value: fire …

FIDES (Federación Interamericana de Empresas de Seguros) has launched a report on insurance regulatory matters in the countries where FIDES has member insurer associations. FIDES represents 18 Latin American countries as well as Spain and The United States. Topics include: Licensing requirements for setting up insurers Regulatory and financial information Solvency requirements Supervision Distribution channels Reinsurance Investments Microinsurance regulations Cyber …

The right of subrogation of insurers is a common institution in most Latin American countries. However, although in all cases law establishes the right, the conditions regulating its exercise differ in each country. For instance, in some jurisdictions the right of subrogation applies to any insurance type, while in others certain types of insurance are excluded. Moreover, while in some …

Mapfre´s Latin American Insurance Market report offers a very interesting overview of the Insurance Industry in Latin America. Published by Fundación Mapfre, you can download the report (in Spanish) here: The Latin American Insurance Market 2020 Index (Spanish):     See also: Ranking of insurance groups in Latin America 2020 (Spanish) Ranking of insurance groups in Latin America 2019   …

Liability insurance is one of the main lines of business in Latin America. It comprises several risk-transferred based products to offer depending on the insureds’ special needs and the liability regimes applicable under each jurisdiction. For this publication, the Latin -American members of Insuralex made a legal overview of the key aspects of the regulation and case law applicable to …

A legal overview Digital commercialization for insurers in Latin America ceased to be a long-term development project to became a top priority to them. It gained special relevance during the year 2020 due to the Covid-19 pandemic, whose effects prevented the insurance market from commercializing its products through the customary mechanisms. As jurisdictions in Latin America have several regulatory approaches …

As in previous editions, this Fundación Mapfre´s ranking classifies the main insurance groups operating in Latin America by premium volume, considering the total market as well as Life and Non-Life segments. This report provides a dynamic vision of said insurance groups’ growth, differentiating between structural trends (2009-2019) and conjectural situations related to annual performance (2018-2019). In addition, the last part …

This time we at iNLIP are putting together (one single post) 3 interesting Latin American Insurance Industry related reports by Insuralex (Global Insurance Lawyers Group) Please bear in mind that you can always search past published articles using the “search box” and also looking at the “categories” box. 1. 2020 Parametric Insurance in Latin America: An overview The use of parametric …

“The main lines of business to benefit will be engineering and property premiums. There will also be increased demand for marine and liability insurance”. Beyond the global recession shock inflicted by the COVID-19 pandemic this year, emerging markets are forecast to grow by around 4.4% annually over the next decade, slower than the yearly average of 5.5% in 2010-19. Against …

The use of alternative dispute resolution mechanisms for insurance and reinsurance has become a growing practice in Latin America. In particular, arbitration has been widely accepted as offering flexibility, celerity and high qualified and specialized arbitrators, generating confidence, guaranteeing access to the administration of justice and relieving congestion in the ordinary jurisdiction Arbitration regulations in Latin America are not standardized …

The world’s main reinsurance markets typically provide its services on a  cross-border basis for Latin American based cedants, considering that the reinsuring capacity within the region is limited, in comparison to the insurance companies’ demand. Consequently, these cross-border transactions imply taxation difficulties for the local governments of the country where the cedants are domiciled, as the foreign reinsurers collect the …

The use of parametric insurance in Latin America as an alternative to traditional indemnity-based insurance has increased over the last twenty years, particularly as a mechanism for insuring against extreme weather risks. Following the aforementioned increasement, parametric insurances in Latin America have not received a standardized legal treatment from the local regulators. Every country has developed its applicable normative, at …

Allianz Global Corporate & Specialty (AGCS) biannual report looks in depth at some exposure trends to which every type of company is susceptible. Large manufacturers or a small store; A fire or explosion can be devastating to any business. What can be done to prevent losses? Some companies still fail to prevent incidents, even compromising their reputation. by Stephen Clark …