Mondaq All Regions - Chile: Insurance
Edwards Angell Palmer & Dodge LLP
Even if the insured losses from the Chile earthquake fall in the mid-range of current estimates of between US$ 2 billion and US$ 8 billion, it will outpace Hurricane Wilma as the most expensive insured event in Latin America’s history, according to a release by reinsurance broker Cooper Gay.
Edwards Angell Palmer & Dodge LLP
Earlier this year, a Chilean court found an insurance broker liable to an insurance beneficiary for failing to obtain the insurance coverage requested, which led to the insurer denying the beneficiary's claim for disability benefits.
Edwards Angell Palmer & Dodge LLP
By most measures, Chile is considered the third largest insurance market in Latin America. It is widely considered to have the most stable market and political environment in the region.
Edwards Angell Palmer & Dodge LLP
Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Chile stands out as particularly significant given the size of the market involved.
Edwards Angell Palmer & Dodge LLP
The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile's Code of Commerce.
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