Latin American Survey
LATIN LEADERS
In our inaugural Latin America Awards, Intelligent Insurer surveyed hundreds of experts throughout the insurance and reinsurance industry to find out who are the leaders in this growing market.
T
he 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.
50 | INTELLIGENT INSURER | Summer 2011
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