Latin American Developments

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Edwards Angell Palmer & Dodge attorney Machua Millett will participate in the Brickell Avenue Business Interruption and Energy Conference in Miami from Wednesday June 10, 2009 to Friday June 12, 2009.  The conference will include 12 seminars on various aspects of business interruption risk management and claims handling in the energy context, including the role of outside counsel, forensic accountants, expert consultants, loss adjusters and metallurgists. 

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Read More Brickell Avenue Business Interruption and Energy Conference

Region: The International Development Bank, World Bank Group, Andean Development Corporation, Caribbean Development Bank and the Central American Bank for Economic Integration recently announced their pledge to lend US$90 billion to Latin America and the Caribbean in the next two years. …
Read More Latin America Update: World Bank and Others Pledge US$90 Billion in Loans to Latin America and Caribbean over Next Two Years; Total Premiums Grow in Peru and Venezuela; Brazilian Regulator Approves Two More Occasional Foreign Reinsurers

According to recently released figures, total insurance premiums grew by 30% in Ecuador in 2008, from $678.4 million to $883.7 million.  The growth was fueled by increasing awareness and purchase of personal lines insurance, which make up the great majority of the Ecuadorian insurance market.  For example, total premiums for life insurance increased 34% in 2008. 

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Read More Ecuador: Insurance Market Grew By 30% in 2008 Driven By Personal Lines Growth

While directors and officers (D&O) liability insurance has existed in Brazil for some time, it has historically represented a very small part of the local market.  However, with the nation’s steadily growing economy, greater foreign investment and the global credit crisis, things may be changing. 

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Read More Brazil Update: D&O Market Grows; Rio de Janeiro Plans Tax Breaks for Reinsurers

The Venezuelan National Assembly recently engaged in its first discussions regarding the proposed new Ley de Actividad Aseguradora, which would establish a new Superintendency of Insurance Activity and contain provisions concerning the authorization, supervision and regulation of the nation’s insurance industry. 

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Read More Venezuelan National Assembly Engages in Initial Discussions Regarding Proposed New Insurance Regulatory Law

In addition to opening the Costa Rican insurance and reinsurance market to private competition, the new laws and regulations enacted since the Fall of 2008 permit the Instituto Nacional de Seguros (INS), the former holder of the government monopoly over the industry, to diversify its investments in an effort to seek better returns. 

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Read More Costa Rica: INS Diversifies Its Investment Approach As Permitted By New Insurance Laws