Moral versus punitive damages exposure in Latin America

While the participation of the London market in Latin America and other emerging markets is well established, there remain several peculiarities of local systems that make the quantification of, and prudent provision for, claims a challenge. One such area is the grounds on which local courts may award moral damages to a claimant over and above material damages, of the type that would be awarded by the English court and with which insurers will be more familiar.