Latin America: The Golden Child for Insurers

During the first half of 2012, the insurance sector in Latin America had a premium volume of $77,085 million, maintaining growth rates of two digits.

Tuesday, May 21, 2013

According to César Quevedo, deputy director of the Institute of Science at Seguro de Fundación Mapfre, the insurance industry is "key" to this global market.

On presenting the report, "The Latin American insurance market," the official noted that this "is a key region for the present and future in global insurance."

According to Quevedo, the momentum in the sector is due in part to regulatory changes that have been made in the region in this area, particularly in Argentina, Chile, Mexico and Peru.

Prensalibre.com reports that "according to the report, the insurance premium volume in 2011 reached $133,788 million, up 14.1% from the previous year."

Brazil remains the largest regional market, with a share of 33%, followed by Mexico with 14%, Venezuela and Puerto Rico with 12% and Argentina with 11%.



More on this topic

Insurance Market in Costa Rica in 2012

February 2013

A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.

December 2012 Bulletin from the Superintendent of Insurance (SUGESE):

Basic Indicators

The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance.

Private Insurance Companies have 10% Market Share

December 2012

In Costa Rica, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.

The undisputed leader remains the Instituto Nacional de Seguros (INS), with a 90.2% market share and among the private companies the strongest are Mapfre and Assa with a 9.6% share between them.

Good Prospects for Insurance Companies

May 2012

A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.

From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":

The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth.

Costa Rica: Insurance Agents vs. Brokers

August 2010

The country's new insurance law restricts which products agents can sell but the restrictions do not apply to brokers.

Insurance agents, due to their contractual relationship with insurance companies, can only offer their products. However, they may do this with different insurers at the same time, provided that these companies' products belong to different categories.

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