Hand in hand with an evolving landscape
The Latin American region is continuously evolving and re/insurance goes hand in hand with this progress.
“Capacity deployed in the region by some carriers has helped insurance growth and to create awareness, as well as to fulfil local necessities,” said Julian Vereker, head of group marketing at THB.
Vereker explained that this can be seen in the penetration of insurance in some Latin American countries over the past few years.
But despite the regional access to extra capacity, London remains the market choice for specialised covers as well as bespoke policies for big infrastructure projects and renewables, he added.
“Over the last four to five years this industry landscape has driven consistent reductions in primary rates which has been exacerbated by currency reductions and other innovations including more automated processes in order to increase efficiency.”
There’s also been an increase in the cost of specialised human resources and new capacity entering the market, he claimed.
For Vereker, in light of this challenging environment, constant new business growth through new products/market access and service excellence is vital.
“We already have significant presence across most lines and are always looking for growth,” he said.
THB plans to continue building its brand and presence throughout the region, through its network of local offices and the backing of its Latin America specialists in London and Miami.
Over the past year, the broker has invested in new teams and senior appointments in Chile and Miami, while in London THB has added more bilingual broking specialists to its Latin America broking team.
In March, TBH partnered with CNA Hardy to offer a new cybersecurity protection package for industrial businesses globally.
“As an innovative company, we are always looking for new ways to add value. Cyber is a rapidly growing market globally and is a key part of THB’s growth strategy,” said Vereker.
He added that the broker is seeing early cyber opportunities in the region and hopes to be “at the forefront of this product as it grows”.
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