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Medical inflation in Latin America will be higher than the global average, presenting challenges for healthcare providers to pass costs on to consumers, according to a survey by Mercer Marsh Beneficios.
–Global reinsurer Sava Re obtained authorization to start operating in the country next month.
–Insurance watchdog SSN outlined steps needed to switch over to a risk-based supervision model.
–Brazilian reinsurance companies Terra Brasis and Austral Re are in preliminary talks to merge, according to a local daily.
–The insurance industry saw weak growth in the first half of the year as a strong performance by the vehicle segment was offset by a contraction in the pension segment.
–The central bank and insurance regulator Susep authorized the creation of a savings bond joint venture between Rio Grande do Sul state-run bank Banrisul and insurance company Icatu Seguros.
–Brazil's superior court ordered the federal government to increase pensions for elderly persons who need health-related support, potentially, adding pressure to the country's already difficult fiscal situation.
About 50% of P&C insurance policies in Mexico are undervalued and would not meet clients' needs in the event of loss or damage, according to Rafael Vargas, a claims adjuster and founder of Claims Consulting Services.
Insurers have paid US$428mn in claims related to last year's coastal El Niño phenomenon, corresponding to 91% of the claims filed as of June 30.
Local insurer association Acodese said its members had settled 96% of the claims filed in relation to Hurricane Maria.