Insurance offers coverage to individuals or companies in the case of a loss being suffered in the future, e.g. damage after a car crash, items stolen from home etc. The insurance industry in Latin America benefits from the region’s recent stable rise in economic growth, which has led to growth across various other sectors too.
The two major insurance types in Latin America are life insurance and non-life insurance, which includes auto insurance, health insurance, casualty insurance, property insurance and so on. In 2015, non-life insurance accounted for 58.9 percent of the market share of the insurance industry in Latin American, while life insurance accounted for 41.1 percent of the market. Brazil also has the highest non-life premium volume in the Latin American insurance industry.
In 2015, Brazil also incurred by far the largest operating expenses in the Latin American insurance industry, while Mexico recorded the highest accident rate among Latin American countries. In that same year, Chile had the highest insurance premiums per capita amounting to an average of 633 U.S. dollars per person. The reinsurance market is also huge in Latin America and Brazil’s IRB–Brasil Ressurgos S.A is by far the leading reinsurer in the region. The company reported over 1.5 billion U.S. dollars in premiums written in 2016 alone.
Other types of insurance coverage available in Latin America include insurance for catastrophe losses, travel insurance, pet insurance, and marine insurance. In 2017, the insured catastrophe losses for the Latin American region amounted to around 32 billion dollars.
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