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Latin American insurance and reinsurance update: Costa Rica, Mexico, Ecuador
- Edwards Wildman Palmer LLP
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- Costa Rica, Ecuador, Mexico
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- March 2 2010
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
Regulator finds that seventeen insurers must return a total of US$19.4 million in compulsory auto premiums; insurers begin making payments and seeking clarity
- Edwards Wildman Palmer LLP
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- Ecuador
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- January 22 2010
Gloria Sabando, Ecuador’s Superintendent of Banking and Insurance, recently announced that the seventeen (17) companies that operate in the country’s mandatory auto coverage market (SOAT--Seguro Obligatorio de Accidentes y Transito) must return US$ 19.4 million in premium to their customers, representing a 30 credit against “excessive” premiums charged in 2009
Growth numbers and predictions for Chile, Ecuador, Uruguay and Venezuela
- Edwards Wildman Palmer LLP
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- Chile, Ecuador, Uruguay, Venezuela
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- January 14 2010
The Chilean Insurance Association recently released predictions that the country’s insurance market will grow by 3.7 in 2010 and 6.7 in 2011
Growth numbers and predictions for Chile, Ecuador, Uruguay and Venezuela
- Edwards Wildman Palmer LLP
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- Chile, Ecuador, Uruguay, Venezuela
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- January 14 2010
The Chilean Insurance Association recently released predictions that the country’s insurance market will grow by 3.7 in 2010 and 6.7 in 2011
Costa Rican INS revives international expansion plans; double-digit market growth in Ecuador and Peru; IRB earnings decline 55.7 in Brazil
- Edwards Wildman Palmer LLP
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- Brazil, Costa Rica, Ecuador, Peru
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- September 3 2009
As reported previously in this space, Costa Rica’s Instituto Nacional de Seguros’ international expansion plans were put on hold in May 2009 when the nation’s Comptroller General took the position that the INS was empowered only to partner with, not acquire or establish, foreign companies
Market growth in Mexico, Ecuador and Argentina; Puerto Rican regulator shutters insolvent insurer; Santander considers sale of Argentinean, Chilean and Mexican insurance units
- Edwards Wildman Palmer LLP
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- Argentina, Chile, Ecuador, Mexico, Puerto Rico
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- August 5 2009
A spokesman for Spanish banking group Santander reportedly stated recently that the company is considering selling its insurance units in Argentina, Chile and Mexico, though he reportedly also referred to the situation as "vague and imprecise."
Market growth in Colombia, Ecuador and Nicaragua; Solvency II program in Colombia; Venezuelan companies may need to seek coverage from foreign reinsurers
- Edwards Wildman Palmer LLP
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- Colombia, Ecuador, Nicaragua, Venezuela
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- July 31 2009
Swiss Re recently reported in its Sigma publication that the Colombian insurance market grew by 14.9 over the last year
Latin American update
- Edwards Wildman Palmer LLP
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- Central & South America, Costa Rica, Ecuador, Mexico
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- May 22 2009
Region: ING Latin America recently reported that its pre-tax profits in the region were up 17 (US$95 million) when comparing 1Q09 to 1Q08
Insurance market grew by 30 in 2008 driven by personal lines growth
- Edwards Wildman Palmer LLP
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- Ecuador
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- April 23 2009
According to recently released figures, total insurance premiums grew by 30 in Ecuador in 2008, from $678.4 million to $883.7 million
How will the credit crisis affect Latin American insurance markets?
- Edwards Wildman Palmer LLP
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- Argentina, Bolivia, Brazil, Colombia, Ecuador, El Salvador, Paraguay
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- October 16 2008
As the current worldwide economic turmoil has taken its toll on insurance markets, a number of Latin American regulators and commentators have expressed the opinion that the peculiarities of the Latin American insurance markets may make them particularly resilient in the face of a potential global downturn
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- Firm Name - Edwards Wildman Palmer LLP
- Jurisdiction - Ecuador
- Workarea - Insurance & Reinsurance
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