Insurance: The week in 10 stories
MEXICO
–The cancellation of the US$13bn Mexico City airport project may have had serious negative peso and market implications and major impacts on local pension funds, but insurer ratings agency A.M. Best sees its implications on Mexican insurance companies as limited, with sureties being the most directly affected.
–The combined investments made by Mexico's pension fund managers (Afores) experienced a net loss of 132bn pesos (US$6.62bn) in October, according to the country's retirement system authority (Consar).
–Mexican private pension fund manager Afore Sura informed its more than 7mn clients that it would be taking defensive measures in face of events that could have an impact on investment yields.
BRAZIL
–Brazil's president-elect Jair Bolsonaro said his administration is likely to push for a gradual reform of the country's ailing pension system while ruling out more drastic options.
–The level of confidence among Brazilian insurers, reinsurers and insurance brokers soared in October, as Bolsonaro is expected to adopt a strongly pro-business agenda.
–Brazilian health insurance regulator ANS has set November 13 as the date when it will hold a public hearing to discuss the methodology for health plan price hikes.
CHILE
–Zurich Insurance Group has doubled its individual and group life businesses in Chile as a result of the purchase of local player EuroAmerica's operations in those two market segments.
–Chilean lender Banco Consorcio said on Thursday that it has lost just under US$2mn in a cyberattack earlier this week.
PERU
–Venture capital funds from the US and Asia could target start-ups in Peru in the near term, according to a local expert. Fintech is a key growth driver of the Peruvian start-up scene, while insurtech is also on the rise.
CENTRAL AMERICA
–Costa Rica's insurers recorded US$1.05bn in written premiums in the first nine months of 2018, a 4.7% increase from the same period last year.
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