Economic Liberalization in Latin America-How is it Affecting Insurance?

Economic Liberalization in Latin America-How is it Affecting Insurance?


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Executive Summary

Synopsis

Timetric's Insight Report: Economic Liberalization in Latin America-How is it Affecting Insurance? analyzes the growth of insurance in Latin America.

Latin America is a lucrative region for global insurers facing sluggish growth and the rise of technology in larger developed markets. The region's low insurance penetration and capacity for strong growth in income per capita are key assets for insurers.

Although political and economic conditions vary, overall the region has a bright outlook. A combination of rising incomes, rising penetration and large offshore energy-related projects will bolster demand for personal and commercial non-life products.

With Brazil accounting for around half the region's insurance market, its prospects will heavily skew expectations for the region. Against this backdrop, insurers will accelerate digital transformation to drive efficiency, improve profitability and increase penetration. Regulatory reform in the areas of capital adequacy, cyber-risk and insurtech is expected to widen the insurance industry in this region.

The report also analyzes the regional developments in insurance and regulations. It also focuses on the current scenario of foreign ownership in each of the Latin American region and the emergence of risk-based capital framework in the region.

Summary

Timetric's Insight Report: Economic Liberalization in Latin America-How is it Affecting Insurance? analyzes the growth of insurance and the financial performance of countries in Latin America.

It provides:

An overview of the Latin American insurance industry

The regional outlook for the state of foreign ownership in the Latin American insurance industry

A summary of the insurance markets in Argentina, Brazil and Mexico, including insurance trends, the competitive landscape and regulatory outlook

Scope

The status of the overall insurance industry in Latin America

Analysis of emerging trends in captive insurance, agricultural insurance and risk-based capital frameworks

Analysis on the current landscape of foreign ownership in major Latin American nations

Overview of the insurance industry in major Latin American nations such as Argentina, Brazil and Mexico

Regional summary of insurance trends in other Latin American nations

Reasons to Buy

Build an understanding of the current dynamics in the insurance industry in Latin America.

Develop an insight into emerging trends associated with captive insurance, agricultural insurance and risk-based capital frameworks.

Develop an understanding of the dynamics of foreign ownership in the continent.

Gain a regional-level industry breakdown of major nations such as Argentina, Brazil and Mexico, and other notable nations such as Uruguay, Peru, Colombia, Chile and Ecuador.

Key Highlights

Despite the economic downturn after 2012 in Latin America, insurers have still been able to maintain marginal profitability and are expected to grow further as the downturn subsides.

As Brazil emerges from a severe recession it is expected to reap the benefits of structural reforms implemented from 2015.

The enforcement of Solvency II in Europe has led to moves worldwide to adopt similar risk-based capital regimes.

A lack of historical data from a significantly large data sample makes it difficult for underwriters and actuaries to develop statistical models in determining kidnap and ransom policy prices.

Regulatory reforms in the region, such as setting a new insurance compliance agenda and bolstering capital adequacy requirements, will increase the industry's long-term financial stability, so it is more capable of insuring complex and diversified risk, and less reliant on reinsurance and retrocessions.

Agricultural insurance, by contrast, remains relatively undeveloped, with much of the farming population unprotected and underserved by traditional markets. The region's agricultural insurance penetration rate is just 0.03%, as compared to over 0.06% for North America.



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1 EXECUTIVE SUMMARY

2 OVERVIEW OF LATIN AMERICA

3 FOREIGN OWNERSHIP

4 ARGENTINA-INSURANCE SUMMARY

5 BRAZIL-INSURANCE SUMMARY

6 MEXICO-INSURANCE SUMMARY

7 OTHER LATIN AMERICAN COUNTRIES-INSURANCE TRENDS

8 CONCLUSION

9 DEFINITIONS AND METHODOLOGY

9.1 Definitions

9.2 Methodology

10 ABOUT TIMETRIC

10.1 Contact Timetric

10.2 About Timetric

10.3 Timetric's Services

10.4 Disclaimer

Figure 1: Insurance Trend Snapshot, Latin America, 2016

Figure 2: Latin American Insurance Industry-Gross Written Premium by Region, 2011-2020

Figure 3: Insurance Penetration Rates-Latin America vs. Major Markets, 2011-2020

Figure 4: Agricultural Insurance-Direct Written Premium, Latin America, 2000-2025

Figure 5: Foreign Insurers' Market Shares, Latin American Insurance Industries, 2015

Figure 6: The Argentine Insurance Industry (ARS Billion), 2011-2020

Figure 7: The Argentine Insurance Industry-Market Shares of Leading Insurers (%), 2015

Figure 8: The Argentine Insurance Industry-Insurance Rates Snapshot, 2015-2016

Figure 9: The Brazilian Insurance Industry (BRL Billion), 2011-2020

Figure 10: The Brazilian Insurance Industry-Market Shares of Leading Insurers (%), 2016

Figure 11: The Brazilian Insurance Industry-Insurance Rates Snapshot, 2015-2016

Figure 12: The Mexican Insurance Industry (MXN Billion), 2011-2020

Figure 13: The Mexican Insurance Industry-Market Shares of Leading Insurers (%), 2016

Figure 14: The Mexican Insurance Industry-Insurance Rates Snapshot, 2015-2016

Figure 15: The Chilean Insurance Industry, Key Trends, 2011-2016

Figure 16: The Ecuadorian Insurance Industry, Key Trends, 2011-2016

Figure 17: The Uruguayan Insurance Industry, Key Trends, 2011-2016

Figure 18: The Peruvian Insurance Industry, Key Trends, 2011-2016

Figure 19: The Colombian Insurance Industry, Key Trends, 2011-2016

Table 1: Deals Between Foreign and Local Insurers, 2016-2017

Table 2: Insurance Industry Definitions

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