The insurance and reinsurance markets of Latin America present opportunities for innovative domestic carriers and international players alike.
We outline some of the statistics, challenges and opportunities associated with a selection of the region’s diverse insurance and reinsurance markets, starting with Brazil, Mexico and Chile.
As far as prospects for growth in the insurance and reinsurance markets go, few present more exciting possibilities than Latin America. A report by Standard & Poor’s (S&P) published in May 2012 found that low insurance penetration—on average below 5 percent—gives insurers a huge opportunity to capitalise on potential growth in the market.
However, while Latin America presents many opportunities for those seeking to expand, other issues must be considered. The region is incredibly diverse, with every country presenting its own opportunities and challenges. Therefore, it is essential international companies invest in local talent to help them understand the nuances of the markets. Other challenges include fi nding attractive products for lower-income individuals and pricing them correctly, and building distribution channels.
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Latin America, Brazil, Chile, Mexico, Reinsurance, Emerging markets