Economic Liberalization in Latin America – How is it Affecting Insurance?
Synopsis
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Although political and economic conditions vary, overall the region has a bright outlook. A combination of rising incomes, rising penetration and large offshore energy-related projects will bolster demand for personal and commercial non-life products.
With
The report also analyzes the regional developments in insurance and regulations. It also focuses on the current scenario of foreign ownership in each of the Latin American region and the emergence of risk-based capital framework in the region.
Summary
It provides:
• An overview of the Latin American insurance industry
• The regional outlook for the state of foreign ownership in the Latin American insurance industry
• A summary of the insurance markets in
Scope
• The status of the overall insurance industry in
• Analysis of emerging trends in captive insurance, agricultural insurance and risk-based capital frameworks
• Analysis on the current landscape of foreign ownership in major Latin American nations
• Overview of the insurance industry in major Latin American nations such as
• Regional summary of insurance trends in other Latin American nations
Reasons To Buy
• Build an understanding of the current dynamics in the insurance industry in
• Develop an insight into emerging trends associated with captive insurance, agricultural insurance and risk-based capital frameworks.
• Develop an understanding of the dynamics of foreign ownership in the continent.
• Gain a regional-level industry breakdown of major nations such as
Key Highlights
• Despite the economic downturn after 2012 in
• As Brazil emerges from a severe recession it is expected to reap the benefits of structural reforms implemented from 2015.
• The enforcement of Solvency II in
• A lack of historical data from a significantly large data sample makes it difficult for underwriters and actuaries to develop statistical models in determining kidnap and ransom policy prices.
• Regulatory reforms in the region, such as setting a new insurance compliance agenda and bolstering capital adequacy requirements, will increase the industry's long-term financial stability, so it is more capable of insuring complex and diversified risk, and less reliant on reinsurance and retrocessions.
• Agricultural insurance, by contrast, remains relatively undeveloped, with much of the farming population unprotected and underserved by traditional markets. The region's agricultural insurance penetration rate is just 0.03%, as compared to over 0.06% for
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