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Latin America and Caribbean Insurance Market Pricing

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the LAC insurance market.

02/05/2024

Q4 2023 

Latin America and Caribbean pricing: Financial and professional lines decline for first time in 26 quarters

Insurance rates in the fourth quarter of 2023 in the Latin America and Caribbean (LAC) region increased 8%. 

Latin America and Caribbean fourth quarter 2023

Latin America and Caribbean composite insurance rate change

Latin America and Caribbean Property

LAC property rates increase

Property insurance rates increased 6%. 

  • Facultative capacity is generally still required to reach desired limits and improve rates.
  • In Brazil, insurers reduced capacity for risks with high limits and poor loss records.
  • In Chile, increased insurer competition led to rate decreases in some areas, such as hotels, buildings, and universities.
  • In Mexico, insurers continued to evaluate rates for CAT exposures following the Category 5 hurricane that hit Acapulco in late October.

Latin America and Caribbean casualty

Casualty rates continue to rise

Casualty insurance rates rose 11%.

  • Motor liability increases were driven by inflation and an increase in accidents and theft.
  • Organizations that require facultative capacity or different placement structures also experienced a slight decrease in rates due to the participation of international insurers, new reinsurance capacities, and local competition.

Latin America and Caribbean financial and professional lines

Financial and professional rates decline

Financial and professional lines rates fell by 2%.

  • The decrease was due in part to heightened insurer competition over market share as well as new capacity entering the market. 

Cyber insurers interest in region grows

Cyber insurance rates increased 3%.

  • There is growing interest from reinsurers, particularly in the UK, to better understand the region. This enables improved negotiation of technical conditions and the possibility of higher limits. 
  • Most clients experienced rate increases; companies seen by insurers as having good cybersecurity controls and risk management policies typically experienced smaller ones. 

Regional analysis

City Light Trails

Global Insurance Market Index

Global Insurance Market Index

04/24/2024

The Global Insurance Market Index is our proprietary measure of global commercial insurance premium pricing change at renewal, providing insights on the world's major insurance markets.
Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

04/24/2024

Insurance rates in the first quarter of 2024 in the US increased by 3%, the same as in the prior quarter.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/05/2024

Insurance rates in the UK were flat in the fourth quarter of 2023.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 3% in the first quarter of 2024.
Beautiful aerial view of the Sydney Opera house by the bay in Australia. Panoramic view.

Global Insurance Market Index

Pacific insurance rates

Insurance rates in the Pacific region declined 2% in the first quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in the first quarter of 2024 in Asia declined 2% after being flat for the three prior quarters.
Placeholder Image

Global Insurance Market Index

Canada insurance rates

Insurance rates in Canada declined 2% in the first quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

04/24/2024

Insurance rates in the first quarter of 2024 declined 2% in the IMEA region.

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