Insurance: The week in 10 stories

By
Friday, October 12, 2018

BRAZIL

The joint venture formed by the Brazilian units of Spain's Banco Santander and German insurance company HDI Seguros launched its digital platform to offer vehicle insurance.

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SulAmérica, Brazil's largest non-bank controlled insurer, will acquire local dental service provider Prodent for 146mn reais (US$38.8mn).

Brazil's insurance industry recorded a minor contraction in the year through August as growth in the vehicle segment could not offset a decline in the private pension business.

Ultra right-wing lawmaker Jair Bolsonaro said he will not push for a controversial pension reform this year if elected Brazil's next president on October 28.

MEXICO

Carlos Ramírez, president of Mexico's pension regulator Consa, expressed disappointment in the government's inability to produce meaningful pension reform.

In its second annual review of Mexico's pension fund managers (Afores) and their investment vehicles, investment research firm Morningstar found none of the 10 Afores reached the firm's highest gold rating with three managers earning a negative rating.

Having issued multiple warnings that cyberfraud is rising in Mexico, financial consumer protection agency Condusef is stepping up efforts to coordinate its fight against these crimes, opening an online portal to handle consumer claims, pushing public awareness and coordinating with financial institutions to improve cybersecurity.

COSTA RICA

The head of Costa Rican pension system watchdog Supen, Álvaro Ramos, testified before a congressional committee Wednesday to outline the ramifications of a possible unification of the country's pension regimes.

PERU

Crisólogo Cáceres, the head of Peruvian consumer association Aspec, said changes to rules governing a tender process in the private pension fund system should benefit members.

REGIONAL

An International Labour Organization official has highlighted the threat posed by labor informality to pension sustainability in Latin America.