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Latin America and Caribbean Insurance Market Rates

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

23/07/2024

Q2 2024 

Latin America and Caribbean rates increase

Insurance rates in the second quarter of 2024 in the LAC region increased 4%.

Latin America and Caribbean second quarter 2024

Latin America and Caribbean composite insurance rate change

Latin America and Caribbean Property

Property insurance affected by climate-related catastrophes

Property insurance rates increased by 2%, driven largely by pricing in Mexico and Brazil.

  • Brazil has experienced significant climate-related catastrophes, leading to a review of underwriting criteria and limitations in coverage for events like floods.
  • In Mexico, the ongoing impact of Hurricane Otis resulted in rate increases.
  • Coverage for strikes, riots, and civil commotion (SRCC) saw lower rates, with discounts reaching as high as 50% in some cases; sabotage and terrorism (S&T) capacity remained limited.

Latin America and Caribbean casualty

Casualty rates increase, auto liability a key factor

Casualty insurance rates increased by 8%.

  • Insurer competition for smaller businesses was strong.
  • Auto liability continued to be an area of scrutiny for insurers as the value of vehicles and the cost of repairs have increased.

Latin America and Caribbean financial and professional lines

Financial and professional lines rates continue to decline

Financial and professional lines rates declined 7%.

  • Insurer appetite remained strong.
  • Underwriter concerns included macroeconomic issues such as challenges in the banking sector, supply chain delays, the interest rate environment, labor shortages, and the sociopolitical situation in various Latin American countries.
  • Financial institutions (FIs) generally experienced low claims frequency and increased capacity —  favorable conditions for rate reductions.
  • Many insureds increased limits in their casualty programs.

Cyber rates decline as controls improve

Cyber insurance rates declined 5%.

  • Rate reductions in the region were affected by such factors as organizations improving internal controls and increased reinsurance capacity. 
  • Clients with controls and risk management policies perceived as effective typically experienced discounts or flat renewals.
  • International insurers generally increased their appetite.
  • Some clients obtained rate improvements; others focused on enhancing conditions or increasing policy limits.

Regional analysis

City Light Trails

Global Insurance Market Index

Global Insurance Market Index

24/07/2024

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

07/24/2024

Insurance rates in the second quarter of 2024 in the US increased 1%.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

07/24/2024

Insurance rates in the UK declined 3% in the second quarter of 2024.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 1% in the second 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 5% in the second quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 3% in the second quarter of 2024.
Placeholder Image

Global Insurance Market Index

Canada insurance rates

Insurance rates in Canada declined 5% in the second quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

07/24/2024

Insurance rates in the second quarter of 2024 increased 4%.

Previous reports

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