Latin America and Caribbean Insurance Market Report 2014
The majority of countries in the Latin America and Caribbean regions saw either flat or falling insurance rates. Venezuela continues to be the most challenging market for insureds, which continue to face mostly rising rates in the country.
Well capitalized global insurance markets to continue to provide innovative solutions to the growing economies of Latin America, as well as the capacity needed to keep insurance rates relatively stable.
Latin America and Caribbean Insurance Market Report 2014 includes commentary from the eight countries in the region where Marsh has a physical presence.
Key findings from the report:
- Generally speaking, the insurance markets in the Latin America and Caribbean region were mostly stable, with most of the countries seeing either flat or falling insurance rates.
- Financial institutions coverage was the most challenging line, with prices increasing on average in five of the eight countries we cover.
- Among the headwinds facing the insurance industry — and industry in general — is government regulation, which has introduced a level of uncertainty and in the most extreme cases resulted in a withdrawal of capacity.
- The well capitalized global insurance markets are expected to continue to provide innovative solutions to the growing economies of Latin America, as well as the capacity needed to keep insurance rates relatively stable.
- The insurance markets are evolving to provide Latin American companies with the increasingly sophisticated risk management solutions they require as they expand globally.
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