Economic indicators bode well for Latin American insurance sector

Nominal growth figures in Latin America have been strong in recent years, for example compound annual growth over the last five years in the Brazilian insurance market was 14%. Lewis Phillips of reinsurance broker Benfield’s Industry Analysis Research (IAR) unit, and the author of a recent IAR report on the region, says the low levels of insurance penetration prevalent throughout the Latin American region support the view that these markets have the potential for even stronger growth

The insurance markets in Latin America are small but demonstrate strong growth potential relative to other markets globally.