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1
Latin America’s Most Expensive Insured Event Ever? Compliance And Coverage Issues Begin To Emerge As Reinsurers Continue To Estimate Impact Of Chile Earthquake
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.
Chile
25 May 2010
2
Central American Insurance Regulators Report On Market Performance
The Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF) (Nicaragua), Superintendencia del Sistema Financiero (SSF) (El Salvador) and Superintendencia de Bancos (Superban) (Guatemala) recently released insurance industry results for the first nine months of 2009.
Nicaragua
25 May 2010
3
Latin American Insurance And Reinsurance Trends: A Crackdown On "Grey Market" Practices
2009 saw several local regulators step up efforts to contravene "grey market practices," that is activities prohibited by local law but previously engaged in by many foreign companies.
United States
12 May 2010
4
Latin American Insurance And Reinsurance 2009 Recap: Beyond The Usual Suspects--Growth In Unexpected Places
In the last year, the overall Latin American insurance market has continued to experience robust growth, estimated at 7.4% by Fundacion Mapfre for the first half of 2009 over the first half of 2008.
United States
16 Mar 2010
5
Latin American Insurance And Reinsurance Trends: Anti-Corruption Enforcement
A recurrent issue for foreign insurance and reinsurance companies active in Latin American in the last few years has been anti-corruption compliance, both as a compliance issue and an underwriting tisk.
United States
12 Mar 2010
6
Latin American Insurance And Reinsurance Trends: Microinsurance
Approximately one-fourth of Latin America’s 569 million residents live on less than $2 per day, and many Latin Americans do not have any type of insurance.
United States
12 Mar 2010
7
Insurance And Reinsurance In Venezuela: Government Encroachment In A Booming Market
Venezuela remains an enticing and daunting jurisdiction in 2010, as the government continues to intervene in the financial services and other major industries and the insurance industry faces the prospect of a new comprehensive insurance law.
Venezuela
10 Mar 2010
8
Growing Pains In A Newly "Opened" Reinsurance Market
Over the last year, we have discussed in detail the operation of "cession limits" and "right of first refusal" such that the "opening" of the Brazilian reinsurance market clearly had its limits.
Brazil
10 Mar 2010
9
The Newly Opened Costa Rican Insurance And Reinsurance Market: A Mini-Brazil?
In August 2008, Costa Rican President Dr. Oscar Arias Sanchez signed into law Costa Rica’s new Ley Reguladora del Mercado de Seguros, thereby ending the Instituto Nacional de Seguros’ (INS) more than eighty-year-old monopoly over the country’s insurance industry.
Costa Rica
10 Mar 2010
10
Peru Ranks First In The World In Macroeconomic Prudence; Peru Leads Latin American Countries On Overall Financial Development Index At Number 29
In the World Economic Forum's recently-released "Financial Development Report 2009," Peru was ranked number one in the world for macroeconomic prudence.
Peru
2 Mar 2010
11
Free Webinar: ¿Seguro? Opportunities And Risks For (Re)Insurers In Latin America In 2010 And Beyond
The Insurance and Reinsurance Department of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled "¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond" on Tuesday, February 23, 2010 at 10:00
United States
23 Feb 2010
12
Latin American (Re)insurance Update: Industry Growth In Colombia And Mexico
Total premiums for the previous twelve months as of the end of September 2009 reached US$ 5.35 billion, up US$ 462.16 million (9.46%) over the twelve month period ending September 2008.
Colombia
18 Feb 2010
13
Government's Threatened Tax Increase May Cause Exodus Of Reinsurers
The Salvadoran Insurance Association (ASES) is warning that a proposed tax increase on reinsurance premiums may cause a mass exodus of reinsurers, leaving the nation under-protected in the event of a natural disaster.
El Salvador
18 Feb 2010
14
Latin American Insurance And Reinsurance 2009 In Review: Liberalization, Development And "Reform" In The Face Of The Global Economic Downturn
2009 was an eventful year for the Latin American (re)insurance markets, with local factors and varying exposures to the global economic downturn leading to tremendously different results, trends and regulatory initiatives in the various countries.
Brazil
12 Feb 2010
15
Chilean Court Finds Insurance Broker Liable For Failure To Obtain Requested Coverage, Leading To Claim Denial By Insurer
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.
Chile
11 Feb 2010
16
IRB Maintains Local Reinsurance Market Share Of 78.5%, But Earnings Down 58.5% For First Eight Months Of 2009
IRB-Brasil Re, the government-controlled former monopoly holder in Brazil's reinsurance market has maintained a 78.5% share of the market's local reinsurance premiums since the market's opening, but perhaps at a significant cost to its bottom line.
Brazil
9 Feb 2010
17
Mexico Becomes The First Country To Issue A Catastrophe Bond Using The New World Bank Platform
Mexico recently issued a US $290 million series of notes to provide cover for earthquake and hurricane list under the World Bank's new MultiCat Program, becoming the first country to use the new platform.
Mexico
9 Feb 2010
18
A Mature Latin American Insurance Market Seeking To Modernize
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.
Chile
9 Feb 2010
19
Argentinean Authorities Impose Total Fine Of 23 Times Premium For Unauthorized Life Insurance Transaction With Foreign Insurer
The Argentinean authorities recently fined an individual insured 8 times premium and an insurance intermediary 15 times premium for illegally transacting life insurance business with a non-authorized foreign life insurer.
Argentina
9 Feb 2010
20
Costa Rican Insurance Regulator: INS Is Prohibited From Operating Abroad
The Superintendencia de Pensiones (Supen), the interim regulator of the Costa Rican insurance market, recently issued an opinion stating that the Instituto Nacional de Seguros (INS) and its component entities are not permitted to engage in insurance or reinsurance business outside of the country, whether by acquisition, establishment or joint venture.
Costa Rica
4 Feb 2010
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