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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.

23/04/2024

Q1 2024 

Latin America and Caribbean rates increase

Insurance rates in the first quarter of 2024 in the Latin America and Caribbean (LAC) region increased 5%. 

Latin America and Caribbean first quarter 2024

Latin America and Caribbean composite insurance rate change

Latin America and Caribbean Property

Property insurance rates increase for 22nd consecutive quarter

Property insurance rates increased 4%.

  • Capacity was low in Mexico, contributing to increased rates in the wake of Hurricane Otis, particularly for complex risks and those with catastrophe exposure.
  • Colombia's property market experienced an increase in capacity and interest in underwriting high-quality risks, resulting in flat renewals and some rate decreases, albeit with continued underwriting scrutiny.
  • Sabotage and terrorism (S&T)  and strikes, riots, and civil commotion (SRCC), capacity remained limited locally.
    • There was increased interest from international markets in these areas. 

Latin America and Caribbean casualty

Casualty rate increases continue

Casualty insurance rates rose 8%.

  • Increased local competition and the emergence of competitive facultative capacity contributed to rate moderation.
  • In some regions, renewals generally experienced flat rates or slight increases; however, some experienced increases.
  • Auto liability rates moderated with a decrease in the frequency of damage claims, but with higher rates observed for theft coverage.

Latin America and Caribbean financial and professional lines

Financial and professional rates decline

Financial and professional lines rates fell by 4%.

  • Insurer appetite increased.
  • Insureds found opportunities to enhance coverage, increase limits, and explore new alternatives and insurance structures.

Cyber rates decline, insureds seek program improvements

Cyber insurance rates decreased 3%. 

  • Underwriters continued to consider the quality of cybersecurity controls and risk management policies.
  • Variations across countries remained due in large part to differing claims experiences. In certain markets, such as Mexico and Peru, some clients experienced increases in the 10% range.
  • Improved market conditions led some companies to seek broader coverage and higher limits.
  • It is an opportune time for clients to seek broader coverage and contemplate higher limits, as both are now more affordable. 

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

04/24/2024

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

Previous reports

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