Latin American Developments

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A Brazilian court recently awarded US$ 1.2 million to the family of a passenger on the Air France plane that crashed into the Atlantic Ocean off Brazil last year.  Air France’s insurers, led by AXA, reportedly intend to appeal the decision. …
Read More Brazilian Court Awards US$ 1.2 Million Award to Family of Air France Brazil Crash Victim — Insurer Intends to Appeal

Wachovia, now a subsidiary of Wells Fargo & Co., has agreed to pay federal authorities $160 million to resolve allegation that the bank failed to maintain proper anti-money-laundering controls, thereby allowing billions of dollars of drug proceeds to pass through the bank between 2003 and 2008. 

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Read More Wachovia To Pay $160 Million To Settle Mexican Money-Laundering Controls Charges

Even if the insured losses from the Chile earthquake fall in the mid-range of current estimates of between US$ 2 billion and US$ 8 billion, it will outpace Hurricane Wilma as the most expensive insured event in Latin America’s history, according to a release by reinsurance broker Cooper Gay. 

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Read More Latin America’s Most Expensive Insured Event Ever? Compliance and Coverage Issues Begin to Emerge as Reinsurers Continue to Estimate Impact of Chile Earthquake

Foreign reinsurers are beginning to count the cost of the earthquake in Chile last month, with announced loss estimates already surpassing $1.5 billion.  Total losses from the magnitude 8.8 earthquake are expected to be between $4 billion and $7 billion, although some estimates range as high as $10 billion. …
Read More Chile: Foreign Reinsurers Announce Earthquake Loss Estimates as Industry Sectors Survey Damage

Having now dispatched personnel to review the damage, and beginning to receive reports from their largest insureds, Chile’s insurers have raised their estimate of insured losses from US$ 2.6 billion to $US 4 billion.  Mikel Uriarte, president of the local association of insurers, also conceded that the figure could continue to rise as insurers obtain better information from around the country. 

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Read More Chilean Insurers Raise Insured Loss Estimates And Relax Claim Notice Requirements

Costa Rica – Aseguradora Mundial, the first foreign company authorized to sell insurance in the Costa Rican market, expects to roll out is first policy, an automobile insurance product, by April 2010.  The product has reportedly been submitted to the Costa Rican insurance regulator, Sugese, for approval. …
Read More Latin American Insurance and Reinsurance Update: Costa Rica, Mexico, Ecuador

Chile’s largest insurer, Seguros Chile, the local subsidiary of Britain’s Royal Sun Alliance, has estimated that the total property damage from the recent earthquake covered under its policies will total US 45 million (33 million Euros, 30 million British Pounds).  The company further stated that these losses should not materially affect its results in the coming year. …
Read More Chile’s Largest Insurer Estimates Its Insured Property Damage At US$ 45 Million