November 1, 2013
By Jason MitchellFor insurance companies operating in Latin America, the opportunities are hard to miss.
The region has one of the world’s lowest insurance rates: premiums in Latin America are the equivalent of roughly 3% of GDP, compared to an average of 7% in the developed world, according to Moody’s. Brazil, for example, is the world’s sixth-biggest economy but it ranks 33rd in terms of insurance penetration, according to Allianz.
The catch-up potential is enormous—and the industry is expanding fast. Between 2008 and 2012, insurance premiums grew around 14% per year, in US dollar terms. That beat the 10% annual expansion in Asia-Pacific and was clear above the 2% worldwide average, ac
Latin America’s insurers are becoming ever-more important players in the region’s capital markets, as their assets under management expand rapidly