Latin American Developments

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Aon recently released an updated “Terrorism Threat Map” in which it indicates the current threat of terrorist attacks across the world.  The Map shows a trend towards fewer terrorist attacks in the Middle East but increased activity in southeast Asia. …
Read More Aon’s Terrorism Threat Map Identifies a Shift in Terrorism Risk

The Lloyd’s 360 Risk Insight group recently released a report entitled “Global recession: The magnifying glass for political instability.”  In the report, Lloyd’s warns that the ongoing global recession is likely to cause greater social and political instability around the globe.  As to Latin America, the report identifies the greatest threats to social and political stability as expropriation and piracy. 

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Read More Lloyd’s Issues Warning About Threat of Social and Political Instability Due to Global Recession, Identifies Expropriation and Piracy as Key Issues in Latin America

Argentina: According to the national regulator, total premiums in the Argentinean insurance market increased 7.4% when comparing the twelve months ended April 30, 2009 with the prior twelve month period.  The fastest growing line of insurance for the period was workers compensation insurance, where total premiums increased 22.1%.  Automobile insurance remains the largest sector in the Argentinean insurance market, accounting for nearly half of the market’s total premiums.
Read More Latin American Update: Argentina, Chile, Cuba, Mexico, Nicaragua, Venezuela

The Argentinean authorities recently fined an individual insured 8 times premium and an insurance intermediary 15 times premium for illegally transacting life insurance business with a non-authorized foreign life insurer. …
Read More Argentinean Authorities Impose Total Fine of 23 Times Premium for Unauthorized Life Insurance Transaction with Foreign Insurer

As discussed here, the government monopoly over the Costa Rican insurance market was ended in the Fall of 2008.  Soon thereafter, the Costa Rican government began promulgating regulations governing the newly opened market (see here). …
Read More Foreign Companies Take Note: Costa Rican Regulator Clarifies Insurance Laws and Regulations Regarding Prohibitions Against Unauthorized Insurance Business, Cross-Border Insurance Exception, Surplus Lines and 4% Premium Tax

As discussed here, a magnitude 7.1 earthquake occurred in Honduras on May 28, 2009.  According to reports in Central American newspapers, Honduran authorities have now estimated property losses from the earthquake at US$100 million, much of that concentrated in the nation’s largest port in Puerto Cortes, the Empresa Nacional Portuaria. 

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Read More Update: Honduran Earthquake Property Losses Estimated at $100 Million

In a recently released report, Brazilian insurance regulator SUSEP maintained its projection of approximately 4.9% insurance premium growth in 2009, despite revising downward from 1.5% to -.5% its assumption about GDP growth for the year.  4.9% premium growth in 2009 would result in total premiums in Brazil of approximately US$35.5 billion. …
Read More Brazilian Regulator Predicts 4.9% Premium Growth Projection for 2009, Reports 7.05% Premium Growth for 1Q09

A magnitude 7.1 earthquake occurred near the coastal Honduran island of Roatan at 3:24 a.m. local time on Thursday May 28, 2009.  Although the earthquake caused relatively little property damage to the tourist resorts on Roatan or to buildings on mainland Honduras and nearby Guatemala and Belize, it may pose the risk of business interruption claims due to infrastructure damage in the Honduran business hub of San Pedro Sula. …
Read More Magnitude 7.1 Earthquake in Honduras Causes Relatively Minor Property Damage But May Pose Business Interruption Issues