Lloyd’s targets Central America to help close ‘very large’ insurance gaps

Lloyd’s, the largest global marketplace for commercial, corporate and specialty risk solutions, is looking to expand its capabilities in Central America, one of its largest markets, where the insurance penetration remains low with “very large” coverage gaps in many countries.

Lloyd’s has appointed Yelhis Hernandez (pictured) as market development manager for Central America. She will assume the role in addition to her responsibilities as country manager for Mexico.

In her new capacity, Hernandez will be responsible for developing access to Lloyd’s across the entire Central America region, which includes six countries: Belize, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.

Based in Mexico City, Hernandez has been country manager for Lloyd’s in Mexico since September 2019 with a focus on improving Lloyd’s Market access across Mexico by supporting managing agents on the ground and acting as a liaison with the local regulator.

She was previously a business development executive for Lloyd’s in Latin America and has more than 20 years of re/insurance sector experience. Hernandez has spent the last ten years working in a variety of roles, including risk management, mergers and acquisitions (M&A), strategy and business development, in different markets across Latin America, including Argentina, Venezuela, Brazil and Mexico. Before joining Lloyd’s, she was chief operations officer for Willis Towers Watson in Mexico.

Latin America and the Caribbean accounts for approximately 7% of all gross written premium (GWP) in the Lloyd’s market. Lloyd’s predominantly writes reinsurance (around 80%) with about 20% direct insurance (mostly written in the Caribbean). At present, Mexico remains the largest market for Lloyd’s in Latin America, owing to its high level of natural catastrophe exposure.

Daniel Revilla, regional head of Lloyd’s in Latin America and the Caribbean, said: “I am delighted to announce Yelhis’ promotion to the role of Market Development Manager for Central America, where she will deploy her industry knowledge and expertise to support our customers and market participants across the region. As the world’s biggest insurance and reinsurance market, Lloyd’s is uniquely positioned to help customers across Latin America and the Caribbean. I look forward to working with Yelhis as we continue to realise this potential.”

Hernandez added: “At a macro-level, insurance penetration across Central America remains low, and many countries have very large insurance gaps. Countries across the region are exposed to complex risks – many of which are caused by natural disasters such as earthquakes and extreme weather, but there are also man-made threats like civil conflict, social unrest, and sovereign debt to consider.

“There is a great opportunity for Lloyd’s to support the local market and customers by helping to close the insurance gap in Central America.”

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