Global reinsurers are increasingly investing in seeking growth opportunities in Latin America with this making pricing and the battle for the top talent in the region increasingly competitive.
More and more global reinsurers are showing an interest in doing business in Latin America encourage by the attractive growth prospects in the region, according to Matthias Marwege, senior executive manager at Munich Re, responsible for Latin America, Spain, Portugal and the Caribbean.
Typhoon Haiyan, the deadly typhoon that wreaked havoc in the Philippines, tops the list of the most powerful typhoons ever recorded but, despite the deviation, is unlikely to be among the top ten deadliest storms, according to a note by Swiss Re.
Barbican Group Holdings has promoted David Booth to the position of active underwriter, Syndicate 1955, with effect from January 1 2014.
Regulators across Latin America are increasingly working together to establish uniformed parameters to supervise and regulate the insurance industry. But regulatory concerns remain one of the biggest issues for insurers and reinsurers operating in the region and they can have a big influence on the attractiveness and viability of different markets.
Rates, catastrophe risks and the quality of data will be the three biggest talking points at FIDES 2013, according to Mike Hughes, chief executive of Aon Benfield Latin America.
The influx of alternative capacity into some parts of the reinsurance markets globally is having little effect on Latin America, according to Gino Smith, regional chief underwriter of XL’s reinsurance operations in Latin America, who argues that the very different market dynamics mean the business model cannot be easily replicated.
A combination of costly catastrophe in parts of the world previously regarded as low risk in recent years and greater regulatory oversight is forcing insurers and reinsurers globally to adopt financial catastrophe management best practices from around the world – and this includes insurers in Latin America.
Panama-based reinsurer Barents Re has grown quickly in recent years and will shortly enter the Puerto Rican market, according to Arturo Falcon, chief underwriting officer for Latin America and the Caribbean at Barents Re.
The potential growth prospects of the economies of Latin America combined with weak growth in more mature economies around the world has prompted many reinsurers to target Latin America, according to Sergio Montoya, managing director, Willis Re Latin America & Caribbean.