When comparing September 2009 to September 2008, total premiums in the Brazilian insurance market were down 4.81% (US$ 1.42 billion), down to US$ 29.58 billion to US$ 28.16 billion. For the same period total premiums were up 13.99% for pension and 5.4% for credit and guaranty, but down for accident and health (-5.3%), life (-6.89%), auto (-9.09%), non-auto liability (-12.42%) and mandatory auto (-54.86%).
Latin American Developments
Costa Rica: Javier Cascante Appointed Insurance Commissioner
By Troutman Pepper Locke on
Posted in Latin American Developments
Costa Rica’s financial services supervisor, the Consejo Nacional de Supervision del Sistema Financiero (Conassif) recently unanimously selected Javier Cascante as the head of country’s new insurance superintendency, the Superintendencia General de Seguros (Sugese).
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NAIC Announces New Cooperation Agreement with Brazil
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
On Saturday, December 5, 2009, the National Association of Insurance Commissioners (“NAIC”) announced that U.S. insurance regulators entered into a Memorandum of Understanding (“MoU”) with the Agencia Nacional de Saude Suplementar (ANS), Brazil’s Insurance regulator for Health Plans and Health Insurance, during the NAIC Winter Meeting.
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Insurance and Reinsurance Review – December 2009
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – December 2009, which contains eight articles about various topics in the insurance and reinsurance industry.
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Latin American Update: Industry Growth in Colombia and Mexico
By Troutman Pepper Locke on
Posted in Latin American Developments, United States
Colombia: Total premiums for the previous twelve months as of the end of September 2009 reached US$ 5.35 billion, up US$ 462.16 million (9.46%) over the twelve month period ending September 2008.
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Brazil: SUSEP Reports Results of Brazilian Insurance Market
By Troutman Pepper Locke on
Posted in Latin American Developments
The Superintendencia de Seguros Privados (SUSEP), recently released statistics regarding the performance of the Brazilian insurance market through the end of August 2009.
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Central American Insurance Regulators Report on Market Performance
By Troutman Pepper Locke on
Posted in Latin American Developments
The Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF) (Nicaragua), Superintendencia del Sistema Financiero (SSF) (El Salvador) and Superintendencia de Bancos (Superban) (Guatemala) recently released insurance industry results for the first nine months of 2009.
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Brazil: Regulatory Change Removes Prohibition Against Life Insurers Selling Home and Personal Casualty Insurance
By Troutman Pepper Locke on
Posted in Latin American Developments
In a move expressly designed to stimulate competition and reduce prices for personal lines insurance, the Brazilian government recently removed the previously existing prohibition against life insurers selling home and personal casualty insurance.
Costa Rican Insurance Regulator: INS Is Prohibited from Operating Abroad
By Troutman Pepper Locke on
Posted in Latin American Developments
The Superintendencia de Pensiones (Supen), the interim regulator of the Costa Rican insurance market, recently issued an opinion stating that the Instituto Nacional de Seguros (INS) and its component entities are not permitted to engage in insurance or reinsurance business outside of the country, whether by acquisition, establishment or joint venture.
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QBE Expects 7.14% Premium Growth for Latin American Operations in 2009; ACE’s Latin American Life Insurance Premiums Up 85%
By Troutman Pepper Locke on
Posted in Latin American Developments
QBE Insurance Group recently stated that the company expects its gross written premiums from Latin American operations to grow by 7.14% for the year 2009. The company further reported that each of its Latin American operations, which include both direct insurance and reinsurance and span Mexico, Argentina, Brazil and Colombia, was individually profitable.