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 …

Flooding of the Hidroituango hydropower dam in Colombia in 2018 during construction is estimated to cost insurers around $1.4bn, one of the largest engineering claims in history. Projects are increasingly complex, often with values in the tens of billions of dollars, and can run for decades. Fire and explosion incidents most expensive losses globally. Defective product and business interruption claims …

The 2018 Ranking of insurance groups in Latin America classifies the largest groups operating in the insurance market of Latin America by premium volume. At the same time, this report also aims to give a dynamic view of its trends, from the perspective of its growth and its concentration. In order to distinguish between structural trends and occasional situations related …

Most experts agree the energy sector is moving from hydrocarbon-based overreliance to cleaner, more sustainable solutions in the wake of global warming and climate change. Renewable, or green, energy from sources like solar and wind promise to provide a cleaner future, but the uncertainty of new technologies, financing and ownership challenges, other obstacles and even theft mean renewables can be …