A new report from international financial analysts Standard & Poor’s sees substantial growth potential in Latin America and analyzes the prospects of the region’s 50 largest insurers.
Highlights of the report show that insurance markets in the region
account for around $36.7 billion in annual premiums, dominated by
Brazil ($11.8 billion), Mexico ($9.2 billion), Argentina ($6.5 billion),
Chile ($4.7 billion) and Colombia ($1.7 billion). These countries account
for 93 percent of premium volume.
The report indicates that “Development of the insurance sector will
not be smooth.” It cites economic recessions and currency
devaluations as factors which weigh on premium growth, but
expects that ongoing deregulation and social changes will
improve prospects. While the insurance sector accounts for
between 8 and 13 percent of GDP in developed countries, it’s
below 3 percent in Latin America.
Further information can be obtained from S&P’s website at: www.standardandpoors.com/Forum/Rating Commentaries/Insurance.
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