Latin America and Caribbean Insurance Market Report 2016
With 2016 under way, the global insurance marketplace appears to be heading in the general direction of soft pricing, reflecting insurer capacity, competition, and relatively low catastrophe losses, according to the “Latin America and Caribbean Insurance Market Report 2016.”
However, industry developments, including recent earnings announcements, executive leadership changes, and re-underwriting at several companies bear watching. Macro dynamics such as global economic, political, regulatory, technological, and environmental developments will also continue to affect the industry throughout the year.
Among the report’s findings:
- For the third consecutive year, insurance markets in the Latin America and Caribbean region remained stable in 2015, with most countries experiencing flat or falling insurance rates.
- Venezuela remains one of the most challenging market for insureds, with rising rates across numerous lines of coverage.
- Despite mostly flat or falling rates across the region, rate increases were seen across several lines of coverage in countries such as Argentina, Brazil, Peru, Puerto Rico, and Uruguay.
- Chile had some of the most favorable market conditions of any country in the region.
- Outside of Venezuela, the largest rate increases were seen in health coverage (20% to 30% in Argentina), employer’s liability (10% to 20% in Brazil), and medical malpractice (up to 20% in Colombia).
About the Latin America and Caribbean Insurance Market Report
Through data and analysis, the “Latin America and Caribbean Insurance Market Report 2016” provides a snapshot of current insurance market conditions and risk trends across major lines of coverage and various specialty sectors. The report reflects the experience of Marsh insurance professionals who work daily with the global insurance marketplace and provide clients with risk management advice.