TMK ready to take advantage of recovering Brazil
As Brazil emerges from the worst financial crisis in the history of the country, Tokio Marine Kiln (TMK) is gearing up to embrace this growth.
According to Marcelo Raposo, general representative in Brazil at TMK, despite the financial situation in Brazil worsening two years ago, the company has managed to grow by 10 percent in the country.
Raposo believes this is because TMK was offering the right products to the right customers.
“Underwriting discipline has always been at our core and we have always had to be agile in order to compete through different market conditions,” he explained.
Raposo is optimistic about the impact that ongoing discussions between market representatives, the regulator and the Finance Ministry will have on the market.
In 2016, the insurance market in Latin America experienced its first period of growth in three years.
The total volume of premium in Latin America is around $15 billion, which was “strongly powered” by life insurance in Brazil (a third of the premium in the region is from Brazil).
TMK is actively embracing this growth by promoting its specialist classes of business such as construction and liability, lines in which Raposo expects demand will increase as the economy improves.
The company has also employed crop business specialists who will focus on the whole of Latin America.
Along with a strong demand for construction liability risks, Raposo believes that cyber risk will be high on the agenda in the region over the coming years and at the conference.
“I expect that cyber, digital insurance and innovation will dominate the discussions this year,” said Raposo.
He added that up to the end of last year, only two cyber policies had been issued in Brazil for foreign companies. However, demand has grown significantly in 2017.
“I’m confident that the market will improve and we will again see the variety of business that we are equipped to service,” he concluded.
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