1 June 2011 Insurance

Latin leaders

The insurance and reinsurance markets in Latin America have benefitted from a number of factors in recent years. Economic growth, particularly in Brazil, has driven demand for insurance and reinsurance products.

Along with a growth in the country’s GDP, Brazil is also due to play host to major events including the 2014 Football World Cup and the 2016 Olympics, which will again drive demand for both insurance and reinsurance.

Recent regulatory liberalisation has also presented opportunities for companies to begin and expand operations in a number of Latin American countries, which had until recently been dominated by government-backed monopolies.

This growth in the diversity of the insurance and reinsurance market in Latin America is clearly represented in the results of this survey, with a wealth of local companies being represented. These local companies have also benefitted from an influx in international insurance and reinsurance companies that have brought with them both expertise and extra capacity.

However, whilst the Latin American insurance and reinsurance markets have been able to benefit from the experience of international companies, this growth is potentially being threatened by new protectionist regulation in countries such as Brazil and Argentina.

Whilst the intention of these regulatory changes is to protect local companies, many are concerned that they could in practice have the opposite effect, by driving down competition and reducing international capacity in the market.

Whether this will happen, only time will tell; but as the results of the survey show, the Latin American market is host to a diverse mixture of both local and international players, which all work to add to the growth being enjoyed in the region. Here is a selection of the winners, with the full results being published later in the year.

Leading International Insurer

Market leader
Allianz Zurich

Highly commended
ACE
Chartis
Liberty
Mapfre

Leading International Reinsurer

Market leader
Munich Re
Swiss Re

Highly commended
Hannover Re
Mapfre
Transamerica Reinsurance
XL Re

Leading Regional Reinsurer

Market leader
Pacífico Peruano Suiza

Highly commended
HDI Seguros
La Vitalicia
Pacífico Vida

Leading International Insurance Broker

Market leader
Marsh

Highly commended
Miller

Leading International Reinsurance Broker

Market leader
Aon Benfield

Highly commended
Cooper Gay
Guy Carpenter
Marsh Willis

Commended
Miller
Towers Watson

Leading Loss Adjuster for the Reinsurance Market

Market leader
Crawford & Company

Highly commended
Ajustes Calderon, S.A.
Belcher Maddox
Axis

Leading Bank for the Reinsurance Industry

Market leader
HSBC

Highly commended
Standard Chartered

Leading Rating Agency for the Reinsurance Market

Market leader
A.M. Best

Highly commended
Standard & Poor’s

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