LATIN AMERICA AND CARIBBEAN INSURANCE MARKET REPORT 2013

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1 Marsh Risk Management Research MARKET PERSPECTIVE LATIN AMERICA AND CARIBBEAN INSURANCE MARKET REPORT 2013 FEBRUARY 2013

2 CONTENTS Foreword 1 Executive Summary 2 Insurance Markets by Country Argentina... 5 Brazil... 7 Chile... 8 Colombia... 9 Mexico Peru Puerto Rico Venezuela Insurance Markets by Specialty and Industry Captives... 17

3 FOREWORD We are pleased to present the Latin America and Caribbean Insurance Market Report 2013, which includes commentary from nine countries in the region where Marsh has a physical presence, including Puerto Rico. The information provided is intended to give you an overview of the key developments in the regional insurance market and the general risk and insurance trends over the last 12 months. In preparing this report, we have engaged our senior market-facing professionals, who deal with the markets every day on behalf of our valued clients. We hope you find this of use as you consider your insurance and risk management needs for the next year. The Latin America and Caribbean region continues to change and grow from an insurance perspective. The market is evolving as our clients needs change and we are seeing a notably higher level of sophistication around insurance purchasing. Clients want to have conversations with us about how to make risk management more relevant to their overall business strategy, and they need the insurance markets to continue to create products and solutions that support their evolving strategies. One way we are helping clients to use risk management more strategically is through analytics. We are doing significantly more work around the analytics of insurance buying, which is a key trend. Clients are interested in understanding factors such as their tolerance to retain risk and the optimal point at which to transfer risk. We are seeing larger companies in the region expanding geographically, both within Latin America and the rest of the world. As a result, they are becoming exposed to different types of risk and are demanding appropriate solutions from their broker and insurer partners. Regulations continue to evolve. Brazil and Argentina are seeing a tightening of reinsurance legislation and rules. In Colombia, the rules are changing to allow better access to the international market. These changes potentially imply more complexity for companies with presence in these countries. We would like to take this opportunity to thank our clients for trusting us with your business. We continue to invest in quality resources and expertise to ensure we can service client needs. And, we look forward to a successful Sincerely, Ricardo Brockmann CEO of Marsh Latin America and Caribbean Marsh 1

4 EXECUTIVE SUMMARY Overall, the Latin American insurance market was mostly stable in With the exception of Venezuela, where rates rose in virtually all commercial lines, most countries saw either stable or falling rates, with increases limited to a few specific lines. As a general rule, rate changes for most coverage lines fell within the range of minus 10% to plus 10%. Though demand for insurance grew with the expansion seen in most Latin American and Caribbean countries economies, insurance capacity increased with the entrance of more carriers to the region, helping to stabilize rates. The increase in capacity and carrier competition also helped drive lower rates in several coverage lines throughout most Latin American and Caribbean countries. Of course, individual business rates depend largely on loss history, loss control programs, and other measures companies take to market their insurance programs. ARGENTINA Most coverage lines were stable and a few (general liability, directors and officers liability, and marine) saw lower rates. Motor/automobile coverage saw the largest increase of rates at renewal, averaging between 20% and 30%. Workers compensation/employers liability rates increased by between 10% and 20%. Rates for financial institutions rose up to 10% due to several losses related to banker s blanket bonds. Property insurance changes were mixed: Non-energy companies saw a decrease in non-catastrophe rates of about 10% on average, while energy clients saw rates climb by up to 10%. Major legislative measures included changes to workers compensation and employers liability laws, mandates for insurers investment programs, and new requirements for environmental insurance. BRAZIL With more insurers entering the market, most coverage lines saw falling rates, generally up to 10%, but as much as 20%, for good risks in certain lines (directors and officers liability and aviation, for example). Heath insurance and motor/automobile rates rose by up to 10%. The new liability insurance regulation, Superintendência dos Seguros Privados, may also impact the market. CHILE Rates remained stable for the vast majority of coverage lines in Chile in The only exceptions to stable rates were in the general liability line, where rates rose by up to 10%, and marine, where they tended to fall by up to 10%. A major earthquake is expected for northern Chile; insureds with catastrophe-exposed properties could see increases of up to 10% in COLOMBIA Rates remained stable for most lines of coverage with virtually no dramatic rate increases or decreases. Rates for financial institutions rose from 10% to 20% due to few insurers providing capacity. Medical malpractice and aviation rates rose by up to 10%. Motor/automobile saw the largest decreases (10% to 20%). 2 Insurance Market Report 2013

5 Property (non-catastrophe exposed) and marine saw decreases of up to 10%. Demand for coverage is rising with the Colombian economy. As more companies expand, they need master controlled insurance programs to cover all their operations. In June 2013, changes in financial regulations will allow Colombian companies to buy insurance from international insurers and reinsurers that are not established in Colombia. MEXICO The Mexican insurance market was notably stable: No single line of coverage saw significant increases. General liability and non-catastrophe-exposed property rates fell by up to 10%. Mexico did not experience any major natural catastrophes in 2012, but Superstorm Sandy in the US could put pressure on rates in Foreign investment in Mexico remains healthy. PERU The Peruvian insurance market was largely stable in Directors and officers (D&O) liability rates saw the most notable declines (from 10% to 20%), while financial institutions and professional liability rates fell by up to 10%. PUERTO RICO The insurance market in Puerto Rico saw mostly stable-to-falling rates in General liability, motor/automobile, environmental, D&O liability, professional liability, and marine lines rates fell by up to 10%. Rates for financial institutions, medical malpractice, and health insurance rose by up to 10%. Following November s elections, the public and private sectors await changes as a new government administration confronts multiple challenges affecting the economy. Although Puerto Rico has heavy catastrophe exposure for earthquake and windstorm, the absence of major catastrophic events has kept property insurance rates low. VENEZUELA Venezuela was the only exception to the environment of generally stable-to-falling rates in Latin America. With relatively little available capacity, most lines saw increases of up to 10%. Medical malpractice insurance rates rose up to 30%, due to inflation. Property all risk: There is a lack of of local or contractual capability for this line, and some reinsurers have reduced the contracts for insurance companies. Local capability for reinsurance is very low. Health insurance rates grew by up to 10%. A new insurance contract law, effective May 2013, is likely to benefit insureds. Two large companies share 68% of the non-life market. Profits have fallen somewhat this year as a result of the stock market declines. Slight increases in rates are expected for Marsh 3

6 INSURANCE MARKETS BY COUNTRY 4 Insurance Market Report 2013

7 ARGENTINA INSURANCE MARKET CONDITIONS General Liability The general liability insurance market is highly competitive and is expected to remain so as insurers aggressively pursue this line of business. International insurers capacity totals US$10 million, while US insurers provide US$50 million in capacity. Such capacity combined with the local domestic markets means a wide range of options for clients. Most clients purchase an average limit between US$500,000 and US$1 million. Railways and toll toads are the most complex activities to cover. Product recall capacity is obtained through international market. Motor/Automobile Rates: Increase 20% to 30% Costs have risen due to inflation and values of automobiles. Due to the increased values, insurers are issuing monthly/quarterly policies to keep values current. Workers Compensation/Employers Liability Rates: Increase 10% to 20% Workers compensation insurance, which is mandatory for all public and private sector employees and dependent workers, is regulated by Law Insurers known as Aseguradoras del Riesgo del Trabajo (ARTs) provide the coverage. Law recently modified regulations covering employee damages. Among the most salient changes, it establishes an exclusive option for victims that allows them to either claim compensation for damages through the benefits provided by the mentioned law (administrative claim) or by a judicial claim (through civil law). For the latter, there is no mandatory insurance locally. There is no local capacity for writing employers liability (EL) coverage according to the new regulations, though Marsh is working to provide a new EL product that offers full-value coverage, fixed deductibles, and minimum exclusions. With the current changes in terms of legislation, movement is expected in the markets for EL insurance is rarely available in the local market, as most is taken by multinational companies through international coverage programs. Property: Non-Catastrophe Exposed Rates: Decrease 0%-10% (non-energy) Rates: Increase 0%-10% (energy) Non-catastrophe property insurance is divided between energy and non-energy clients. In non-energy, buyers may experience a decrease of 10% on average. Falling rates are expected to continue into the second quarter of next year. In non-energy, local insurers have significantly increased their treaty capacity as a result of changes in legislation related to reinsurance. In addition, insurers appear to have larger growth budgets, which is causing fierce competition. In some cases, rates have fallen by up to 40%. For energy, an increase of up to 10% can be expected. Additional treaty capacity also reduced the requirement to buy facultative reinsurance. There is more than US$250 million in local market capacity based on probable maximum loss (PML) and good local appetite, which varies depending on the type of risk and activity. Construction: There is more than US$320 million in capacity based on total construction value. Rates could rise next year as construction increases due to government-sponsored infrastructure projects. Terrorism: Coverage may be provided by local markets as a sublimit in property policies or on a standalone basis. Multinational companies may purchase such coverage if it is required by their corporate governance procedures. Machinery breakdown: This type of coverage is normally included within the all risks policy (US$3 million limit). Energy: The sector can be divided into two main groups: (1) generation and distribution of electric power; and (2) petrochemical and oil and gas. In the generation and distribution of electricity segment, the local market has tightened due primarily to losses/claims. Carriers have tightened terms compared to last year. In the oil and gas and petrochemical segment, rates remain competitive as markets outside Argentina have added capacity, while local carriers maintain last year s conditions and, in some cases, provide lower rates depending on the risk and claims. In light of the rising cost of fronting, making reinsurance solutions more expensive, local insurance capacity is becoming more competitive. Environmental The General Environment Act regulates compulsory insurance against pollution for hazardous industries. Any person or entity (public or private) performing risky activities in the environment is required to purchase a bond to cover potential damages to the environment. There is no liability policy that covers the provisions of the Act, though on October 23, 2012, the Argentine government established new conditions for such coverage. Several carriers are still waiting for approval of wording and conditions from Argentina s insurance regulator. On the other hand, the government has also established new conditions for the surety bond already in force through the very same resolution. Thus far, Testimonio Seguros SA is the only carrier to modify its bond. Directors and Officers Liability Market trend is showing premium reductions due to greater competition and more awareness of products and exposures. The exposures for D&O have not increased necessarily, but the awareness of potential losses and the need for protection, plus corporate governance standards and potential personal liability exposures, are increasing demand for D&O protections. Financial Institutions Rates are increasing due to several losses of banker s blanket bond, in particular, safe deposit box coverage. Marsh 5

8 Professional Liability Premiums remain stable, though not many insurers specialize in this risk. Several products have been launched, such as multimedia and cyber professional liability. Demand for professional liability coverage is expected to increase as more contracts require the coverage and awareness of professional liability exposures grows. Medical Malpractice In Argentina there are only a few local markets for this type of coverage. The prices among insurers are similar, both for terms and conditions. The main insurers are local, except for clinical trials, which are underwritten by international carriers. The standard limits are between US$500,000 and US$1 million. Demand for such coverage is expected to increase as the Argentine economy continues to expand. Marine Rates: Decrease 10% to 20% The local market continues to be competitive due to a growth in options and capacity for the last two years. As insurers maintain high capacity for a wide range of exposures, rates are expected to continue to fall. Aviation As the market remains competitive, rates are stable and expected to remain so. Employee Benefits: Health Employee Benefits: Life Employee Benefits: Accident and Health Rates for health, life, and accident insurance remain stable in Argentina. RISK TRENDS WORKERS COMPENSATION AND EMPLOYERS LIABILITY Major changes were made to the Argentine law governing workers compensation and employers liability. Law recently modified regulations covering employee damages. Among the most salient changes, it establishes an exclusive option for victims that allows them to either claim compensation for damages through the benefits provided by the aforementioned law (administrative claim), or by a judicial claim (through civil law). For the latter, there is no mandatory insurance locally. insurance companies. The National Security Strategy Program 2012/2020, coordinated by Argentina s insurance regulator and main industry parties, have established regulatory changes that indicate that insurers must redirect a percentage of their investment to finance infrastructure projects (which typically represent 0.16% of their portfolios). These percentages were established based on each activity in particular: Workers compensation carriers (ARTs): Due to the greater need for liquidity, the minimum percentage for these instruments will be 5% of the total investment, up to 20% maximum. For life insurance and retirement carriers, which have lower liquidity requirements, the minimum will be 12% and maximum 30%. For general insurance companies and reinsurers, the minimum and maximum amounts for investment in production and infrastructure will be 10% and 20%, respectively. INSURANCE COMPANY INVESTMENT REQUIREMENT The Ministry of Economy and Finance, the Ministry of Industry, and the insurance regulator have created an eligibility committee to ensure an appropriate investment for productive development. Insurance companies will increase their investment in the Argentine economy from US$88 million to US$7 billion by May 31, ENVIRONMENTAL INSURANCE The General Environment Act regulates compulsory insurance against pollution for hazardous industries. Any person or entity (public or private) performing activities potentially hazardous to the environment is required to purchase insurance coverage. In September 2012, the Decree 1638/2012 for Environmental Policy was published, creating the Environmental Risk Assessment Technical Committee, which established provisions for the insurance coverage to be purchased: annulment and currency. The decree establishes two types of insurance covers to be purchased: (1) bond insurance for environmental damages with collective consequences; and (2) third-party insurance for environmental damages with collective consequences. Additionally, in October 2012, Decree 1638/2012 was regulated by Resolution , establishing the texts proposed by the Argentina s insurance regulator. As a result, movement is expected in the environmental insurance market. Investment to finance infrastructure projects by insurers: The Argentine government announced significant changes to investment policies for 6 Insurance Market Report 2013

9 Contact: MARCELO CORIA Placement Leader BRAZIL INSURANCE MARKET CONDITIONS General Liability Lower general liability rates were seen in 2012, driven mainly by carrier competition and the local culture s limited appetite for third-party coverage. The market is expected to stabilize in 2013, as the downward trend is unsustainable in the long term. The economy s growth will also play a key role in market stabilization, as investment in infrastructure and tourism (World Cup and Olympics) grows, imports and exports increase, and capital expenditures rise. Motor/Automobile Auto insurance rates increased 9% in 2012 and are expected to grow at a similar rate in Workers Compensation/Employers Liability Workers Compensation: In Brazil, it is under government administration. Employers Liability: Underwritten as an additional coverage in Brazil, and guarantees only death and permanent disability of the employees. Property: Catastrophe Exposed Though some fires caused huge losses, the claims ratio is generally similar to that of previous years. While it has become more difficult to place certain risks due to reinsurers demands of carriers, there is sufficient capacity to place acceptable risks and new market entrants, resulting in falling rates. Environmental Only four or five insurers offer environmental liability coverage in Brazil. With changes in federal, state, and municipal laws and growing environmental awareness, it is expected that more carriers will be willing to write environmental risks in Directors and Officers Liability Rates: Decrease 10% to 20% The directors and officers liability insurance market was soft in 2012 and is expected to remain so in Nonetheless, the market is somewhat restrictive and underwriting is more conservative for companies with US securities exposure. Financial Institutions Premium increases are more common and are a growing trend among carriers due to losses in the last two quarters. Midsize and small banks in Brazil are expected to face rate increases and more restrictive terms and conditions. Large public banks are expected to keep rates stable, as underwriters look to the latest government measures to improve competition in the industry. Financial and Professional Liability Though still a small market in Brazil, an increase in demand for errors and omissions coverage is expected as a result of infrastructure changes necessitated by the World Cup and Olympics. Marine Though loss trends continue to grow due to increasing cargo theft and vehicle accidents, the countervailing influence of increased capacity has resulted in lower rates. Several carriers have entered the cargo market. In the hopes of establishing long-term relationships with insureds, they are willing to price rates based on clients risk management improvements (to a certain extent). New possibilities of combining stock and transit solutions for clients on a case-by-case basis may also exist. Aviation Rates: Decrease 10% to 20% The market remains focused on three insurers linked to banks, but capacity and a focus on commercial aviation can be found through a number of other insurers. Employee Benefits: Health Employee Benefits: Life Employee Benefits: Accident and Health Health insurance premiums are rising due to medical inflation and increased claim ratios. Life and accident insurance rates remain largely the same. RISK TRENDS FALLING RATES/NEW REGULATIONS Rates are generally falling for what are considered good risks as more insurers enter the Brazil market. The new liability insurance regulation, Superintendência dos Seguros Privados (SUSUP), may also impact the market. The Brazilian insurance market has limited appetite for certain industries such as pharmaceutical, chemical, and automotive (critical parts) industries. Marsh 7

10 Contact: EDUARDO MARQUES Placement Leader CHILE INSURANCE MARKET CONDITIONS General Liability More clients are buying liability insurance and are buying higher sublimits for employers liability, passenger transportation, and pollution coverage. Typical limits are between US$1 million and US$5 million. Local market capacity is US$25 million. Some clients buy excess layers of up to US$100 million using facultative reinsurance. Motor/Automobile Losses due to theft increased last year. The number of vehicles has increased at a higher rate than repair facilities and parts stock, so repair times have increased. Property: Catastrophe Exposed Rates: Stable Property: Non-Catastrophe Exposed Rates: Stable Rates remained largely flat for large and some midsize insureds with some losses. Rates fell up to 10% for some midsize and small companies with good claims experience. Market capacity is US$500 million using local capacity in coinsurance for the best risks. Catastrophe-exposed insureds could see rate increases of up to 10% during the first quarter of Environmental Two carriers are offering environmental impact liability (EIL) and contractors pollution liability (CPL) coverage. Coverage extends to gradual and sudden accidental pollution in owned premises and third-party premises. Capacity is US$10 million. Demand is expected to grow as environmental law is further enforced. A new mining closure law will require financial guarantees. Directors and Officers Liability Premiums are low and total capacity is US$25 million. There are approximately 150 directors and officers (D&O) liability policies in Chile, with limits ranging from US$5 million to US$25 million. Interest in D&O coverage has increased, and more policies are expected to be written in Professional Liability Coverage is available for architects and engineers and for miscellaneous activities. Market capacity is up to US$5 million. Medical Malpractice Clients with good claims experience saw a decrease in rates, while those with less-than-favorable loss experience saw flat rates. Market capacity is US$5 million. Marine Clients with good claims experience saw a decrease in rates, while those with less-than-favorable claims experience saw flat rates. Market capacity is US$ 5 million. Aviation Aviation insurance in Chile remains dependent of the facultative reinsurance market. Employee Benefits: Health Employee Benefits: Life Employee Benefits: Accident and Health Rates for health, life, and accident insurance remain stable in Chile. RISK TRENDS MAJOR EARTHQUAKE EXPECTED Indigenous catastrophic risks include earthquake and tsunami. A major earthquake is expected for northern Chile, where there is a seismic gap. FIRE INSURANCE Fire insurance is restricted to areas where there is Indian rights activism (the regions of Araucania, Los Rios, and Los Lagos). Contact: ANDRES ALCALDE Sales Leader Insurance Market Report 2013

11 COLOMBIA INSURANCE MARKET CONDITIONS General Liability The general liability line is very stable in Colombia. Rates tend to change only because of an insurance company s specific interest in a special type of business. There is enough capacity in the local market for non-hazardous activities. There are four main carriers, providing limits up to US$10 million. In 2012, there were no losses large enough to affect capacity or the rates trend for Motor/Automobile Rates: Decrease 10% to 20% Limits of general liability of up to US$1 million are available from several insurance companies. Many carriers offer zero deductibles on total loss damage and total loss theft, as they try to improve their offerings. New vehicle sales fell 3.5% compared to 2011, mainly due to higher interest rates and greater requirements on borrowers before credit is extended. In addition, sales were further depressed when prices failed to fall as expected after passage of the Free Trade Agreement with the US. The market loss ratio as of November 2012 was 63%. Two additional carriers are expected to participate in the auto insurance and compulsory insurance market in Workers Compensation/Employers Liability The implementation of a new law (1562) in Colombia brings significant changes to the workers compensation system, but does not change the current rates provided by the law (1295/94). Property: Catastrophe Exposed Property: Non-Catastrophe Exposed The property market has become stable as it recovered from the huge losses due to the floods caused by the fenomeno de la niña during 2010 and Despite several significant losses, rate increases were limited to those with large losses or high exposure to flooding. As the property market stabilizes and carriers restore flood coverage to areas such as la Zona Franca del Pacifico in Valle del Cauca and Zona Industrial Mamonal in Cartagena, rates could fall. On the other hand, insurance companies in Colombia with capacity to write terrorism coverage as part of a property program are not willing to provide such coverage for rural risks due to the increase in attacks in rural areas. Standalone programs supported by the London facultative market will increase. Such factors may lead to an increase in property rates. In addition, the capacity of the market will not vary much. There are some local companies trying to enhance their treaties but not significantly. With the exception of some activities such as oil and gas, power generation, and mining, which are excluded from the treaties of local insurance companies, there is ample capacity to place risks with limits of up to US$500 million. Environment The local market is ready to provide this coverage; two carriers launched products in Directors and Officers Liability Over the last few years, rates have decreased substantially but stabilization is expected for financial institutions (stock brokers) in After a large claim, carriers that write this risk have a different perception of the exposure. Financial Institutions Rates: Increase 10% to 20% In general, the loss record of the market is not good in terms of severity and frequency. Just a few companies can provide capacity. Accordingly, higher rates and deductibles can be expected in Professional Liability Companies are becoming increasingly aware of errors and omissions exposures. Though the market is not fully developed in this line, a few companies are willing to provide this type of coverage. Medical Malpractice Medical malpractice insurance rates rose up to 10% in Colombia. Marine Good claims performance (34% loss paid/premiums paid), and strong insurer competition have led to falling freight insurance rates. For 2013, the expansion of free trade is expected to lead to increased volume of goods transportation across more routes. In addition, Articles of Law 1328 of 2009, which allows consumers to purchase non-admitted insurance except compulsory social security and protection of state interests, goes into effect on July 15, Stock throughput is also developing in Colombia as a new product, particularly for logistics operators. Aviation Aviation insurance in Colombia remains dependent of the facultative reinsurance market. Premiums are expected to increase due to the growth of claims in the industry, from US$18.5 million in 2011 to US$33.5 million, as of October 31, Employee Benefits: Health Employee Benefits: Life Employee Benefits: Accident and Health In addition to tax reform in Colombia that reduces the value-added tax (VAT) from 10% to 5%, the health care market in Colombia remains stable. The Tratado de Libre Comercio (TLC) will allow new entrants in the local market, which will likely become even more competitive. Marsh 9

12 RISK TRENDS GROWING INSURANCE NEEDS The Colombian economy continues to expand mainly due to the high activity in sectors such as mining, oil and gas, and infrastructure. The significant growth of foreign investment has also impacted most of the industries in Colombia. As companies expand and diversify, their exposure to risk expands and widens accordingly. Colombian companies have also expanded throughout the region, generating the need for a master controlled insurance program to cover all their operations. Such expansion has led to challenges for the client and broker alike, as such programs require much of the international insurers and reinsurers capacity, which the local market lacks. COVERAGE FROM INTERNATIONAL INSURERS In June 2013, changes in financial regulation will allow Colombian companies to buy insurance from international insurers and reinsurers that are not established in Colombia. While such a change will likely bring more options for some clients, it is important to seek advice from the broker for each case and evaluate and analyze the costs and benefits for the insured in terms of pricing, terms and conditions, and claims procedures. On the other hand, the new law, El estatuto del consumidor, applicable to the insurance industry, provides insureds with more clarity about the text and clauses included in their insurance programs. It is the broker s and insurance company s duty not only to advise the insured about the coverages, exclusions, deductibles, and limits, but also to advise them on the complete wording before inception. INSURANCE MARKET AND CAPACITY GROWING 2012 was an interesting year for the Colombian insurance market, and 2013 will be full of new challenges. Capacity and market size are expected to continue expanding. Contact: CARLOS RIVERA Placement Leader MEXICO INSURANCE MARKET CONDITIONS General Liability As a consequence of Mexico s new federal labor law, insureds will have to increase their liability limits, potentially forcing carriers with a limited capacity to review their reinsurance treaties. Depending on how much the limits increase and the available capacity in the market, premiums will most likely be impacted. Motor/Automobile An increase in premiums is expected as a result of the increase in the cost of auto parts due the new federal labor law. Liability coverage in auto policies will need to be increased, directly affecting premiums. Property: Catastrophe Exposed Property: Non-Catastrophe Exposed There is good capacity in the local market, keeping renewal rates stable to lower. For insureds with high limits or non-preferred risk, capacity is reduced; sometimes it is necessary to obtain support from the facultative market. Most carriers are looking more closely at castastrophe modeling to control their exposures and ratings. Environmental This coverage is usually included in general liability programs as a sublimit. There is a fee if it is used as standalone coverage. Directors and Officers Liability There is a new carrier participating in the local market, but premiums are expected to remain stable due to already low prices. Financial Institutions There is an increasing appetite for this coverage in light of the increase of foreign investment in the country due to new trusts instruments. A new market entrant appears to have good capacity. Professional Liability There is an increasing appetite for this coverage due to the growth of the sector, particularly for architects and engineers. Medical Malpractice Medical malpractice is a growing line of business with specialized markets. 10 Insurance Market Report 2013

13 Marine Premiums are mainly driven by the loss record, especially during inland transit. Premiums are stable for those with good loss histories. However, an increase in losses is being seen, mainly due to highway robberies. Aviation There is a new carrier participating in the local market; insureds with good loss records may get discounts. Employee Benefits: Health Employee Benefits: Life Employee Benefits: Accident and Health A possible increase in premiums of up to 10% is expected as a consequence of the rate of exchange impacting some pharmaceutical prices, medical inflation, and loss records. In health, there will no longer be unlimited programs due to a change in local legislation in recent months. RISK TRENDS CHANGES TO LABOR LAW A change in the federal labor law requiring compensation of 5,000 days of salary (raised from 730 days of salary) in cases of death or disability is necessitating higher third party liability limits for aviation, general liability, automotive liability, and employment liability lines. The new law went into effect December 1, SUPERSTORM SANDY S EFFECTS Although Mexico did not experience major natural catastrophes, events outside the country such as Superstorm Sandy could put pressure on insurance and reinsurance markets. MEXICO ATTRACTS FOREIGN INVESTMENT Some international companies are being forced to reconsider their business strategies given world economic conditions. However, the relatively good performance of the Mexican economy is attracting new foreign investment. Contact: ALBERTO BALLESTEROS Placement Leader PERU INSURANCE MARKET CONDITIONS General Liability Local legislation still does not allow major suits regarding compensatory damages, keeping the loss record for the market at acceptable levels. An increase in foreign investment has triggered a need for higher limits. Motor/Automobile A recent entrant to the motor/automobile insurance field should stir up competition with local companies, benefiting insureds. Rates remained stable throughout 2012 and no significant increases are envisioned for Only about 40% of the vehicles in Peru are voluntarily insured. There is much room for growth. Workers Compensation/Employers Liability Workers compensation in Peru is compulsory only for high-risk industries such as mining, construction, oil, and steel. The government intends to make such coverage required for all occupations over the next couple of years. Property: Catastrophe Exposed Property: Non-Catastrophe Exposed Property catastrophe rates have been on the rise since 2011, but not significantly. Only one company remains with an excess of loss cover and the highest level of capacity. This will result in more facultative purchases by the other companies and will bring the local market more in line with international price trends. Directors and Officers Liability Rates: Decrease 10% to 20% This cover is not retained by the local market and is a 100% facultative purchase. The industrial and public sectors have increased interest in purchasing this coverage. Financial Institutions This coverage is not retained locally; it is a 100% facultative purchase. Professional Liability This coverage is not retained locally; it is a 100% facultative purchase. Marsh 11

14 Marine Even though a high percentage of imports are cost insurance and freight, this line of business has not been increasing over the past several years due to steady economic growth in Peru. The main exposure is theft during inland transits. Rates have been stable and are expected to remain so in Aviation This coverage is not retained locally; it is a 100% facultative purchase and abides by international trends. Aviation opportunities in Peru are limited. Employee Benefits: Health Employee Benefits: Life Employee Benefits: Accident and Health Accident and health insurance rates remain stable in Peru. RISK TRENDS INSURED-FRIENDLY INSURANCE LAW A new insurance contract law, passed in late 2012, will go into effect in May The new law is designed to curb abusive practices in the industry, so insureds stand to benefit. A TWO-INSURER MARKET Two large companies share 68% of the non-life market. Profits have fallen somewhat this year as a result of the stock market declines worldwide. Slight increases in rates are expected for Contact: ARGYROS PHILIPPIDES Placement Leader PUERTO RICO INSURANCE MARKET CONDITIONS General Liability The local casualty insurance market has good capacity and appetite. It includes the participation of three main casualty insurance carriers. The market is more restricted for hospitality, health care, and pharmaceutical products. Insurance premiums vary according to loss experience and exposure classification. Motor/Automobile In Puerto Rico, almost all insurance carriers are very aggressive for this line of business. Depending on the client s loss experience and exposure, premium reductions can be obtained for renewals and new business. Workers Compensation/Employers Liability Puerto Rico is a monopolistic state, so the majority of the workers compensation business is provided by the government. Other insurance companies provide workers compensation coverage for those projects in federal territory and abroad. Rates and premiums depend on operations, classifications, and premium basis (payroll). Property: Catastrophe Exposed Property: Non-Catastrophe Exposed Property rates have decreased significantly for the last four years due to soft market conditions. Two new carriers were approved to do business on the island, adding more capacity and alternatives. During the first three quarters of 2012, property rates remained stable and renewals flat. The property market capacity ranges from US$10 million to a maximum of US$50 million per company/per location. For high-stock values risks, there are various admitted carriers providing stock throughput insurance coverage alternatives, including marine cargo coverage. The market appetite is very good, although rates vary depending on total insurable values, types of construction, operations, location, and occupation. Capacity for beachfront properties is limited and rates are relatively high when compared to non-beachfront. Environmental The environmental market consists of four major carriers, and capacity ranges from US$1 million to US$50 million per risk with a minimum deductible of US$10,000. Available coverages consist of pollution legal liability, transportation, contractors pollution liability, storage tank liability, and closure/post-closure financial responsibility. Underwriters will aggressively quote new accounts and renewals provided that the required underwriting information is submitted on a timely basis. However, minimum premium levels established by type of risk will be observed. 12 Insurance Market Report 2013

15 Directors and Officers Liability It is possible to negotiate premium discounts for directors and officers liability (D&O) coverage for private companies with good loss histories, although reductions are smaller than they had been. There is an increase in claims frequency when D&O is combined with employment practices liability, but little change in severity. D&O coverage for public companies, especially in the financial sector, is tighter, with stable or increasing premiums directly tied to financial condition, stock-price fluctuation, and claims experience. Financial Institutions Limited capacity from authorized carriers for primary policies has led to stable premiums when financial conditions and claims experience are good. Notable adverse experience, financial conditions, and fluctuations in stock prices of public companies can all impact pricing. While capacity remains stable for financial institutions bonds coverage, premium discounts are hard to achieve and there is pressure to increase rates. Competition allows for flat renewals with good loss experience. Capacity is limited for lenders liability and broker/dealer coverage extensions. Particularly for broker/dealers, there has been adverse experience in the market, and carriers are raising rates and deductibles for insureds that had claims. Professional Liability With multiple carriers offering professional liability coverage, capacity is good, providing leverage to negotiate premiums and better terms and conditions. Rates are stable and frequently reflect discounts at renewal. Medical Malpractice Medical malpractice rates have not changed significantly over the past three years. Renewals are based on the loss experience of each insured and the appetite of the markets. The increases in premium for some clients are the result of poor loss experience. Recently, an increase in the frequency and severity of loss activity has been observed, although rates have remained stable and the market appetite varies depending on the insured. Insurers writing this type of business are limited. Marine With almost all local carriers offering inland and marine coverage, capacity is good, providing insureds leverage to negotiate premiums and terms and conditions. For inland marine, rates remained stable and have fallen for clients with good loss experience. In marine cargo, the entry of new carriers into the market has led to increased competition and premium discounts of up to 50% for some renewals. Quotes for stock throughput and shore risks coverage for warehouses and distributors with high-stock insured values are also competitive. Aviation There are three main carriers doing this type of business on the island; premium varies according to loss experience, aircraft make and model, and pilot experience. Employee Benefits: Health Employee Benefits: Life Employee Benefits: Accident and Health This is a US$275 million market in Puerto Rico. The appetite for this type of insurance is growing, but for voluntary programs where employees pay the entire premium. The overall claim trend is 9%. The Puerto Rico insurance market has been shrinking due to insurance company mergers and acquisitions, closures, or local market departures. Such changes may affect future renewals, but major changes are not expected for Upcoming Patient Protection and Affordable Care Act mandates will impact processes and costs. The largest insurance company in Puerto Rico has been affected by the loss of its government contract and federal investigations. RISK TRENDS INSURANCE CARRIERS FEEL EFFECTS OF ECONOMIC DOWNTURN The economic downturn, which has been negatively affecting businesses on the island since 2008, has directly impacted insurance carriers net income as well. Following November s elections, the public and private sectors await changes, as a new government administration confronts multiple challenges affecting the Puerto Rican economy. PROPERTY RATES STAY LOW DESPITE CATASTROPHE RISK Although Puerto Rico has heavy catastrophe exposure for earthquake and windstorm, the absence of major catastrophic events has kept property insurance rates low. Two new property and casualty insurance carriers have been approved to do business on the island, adding more capacity and alternatives to the local insurance market. Contact: CARLOS PICAPORTE Placement Leader Marsh 13

16 VENEZUELA INSURANCE MARKET CONDITIONS General Liability General liability is not quoted alone in the insurance market, but as part of other coverages. Rates are stable and the increases seen by some have been moderate. Rates depend largely on loss experience and are adjusted at renewal. Motor/Automobile Although rates rose modestly overall, those with good loss experience are generally able to maintain rates or even see small decreases. Those with less favorable loss histories have seen rate increases of up to 10%. In Venezuela, each insurance company has its own method of calculating premiums, but rates must be approved by the Superintendence of the Assurer Activity. Most insurance companies write this line without compensation of other lines and have a good appetite. Workers Compensation/Employers Liability Almost all insurance companies write workers compensation coverage but only a few have sufficient infrastructure to handle claims. Rates have increased slightly, and carriers have an appetite for this line. Employers liability insurance is included in general liability policies, but there is an employers liability line that is written according to the Organic Law on Prevention, Conditions, and Labor Environment. This law requires that: Permanent and temporary employees work under safe conditions that promote their health and welfare and in a propitious environment that supports their well being. Compliance with the law is the responsibility of employers, contractors, subsidiaries, or agents. The State of Venezuela guarantees the avoidance of hazards to employees through vigilance over work centers in order to comply with the statute s fundamental objectives. Chapter VIII of the Organic Law on Prevention, Conditions and Labor Environment makes it the responsibility of the worker in cases involving professional diseases and accidents. The worker must make contributions toward temporary, partial, and permanent disability and death benefits. If disability or death results due to negligence from the employer, the immediate supervisor, legal representative, agent, or manager, may face a prison term. With this law in mind, insurance companies created an employers liability coverage, responsabilidad empresarial (entrepreneurial liability), which covers the employer s duty to indemnify the employee. Most of our clients have such a policy and workers compensation coverage. Property: Catastrophe Exposed Rates: Increase 0%-10% Property: Non-Catastrophe Exposed Rates: Increase 0%-10% The lack of local capability requires that local insurance companies go to reinsurers out of the country to look for coverage. Reinsurers, in some cases, increase the costs due to factors such as country risk. Reinsurers require a significant amount of information to review coverage, and in some cases, decline the opportunity to quote. Environmental Rates: No market There is no local coverage for environmental risk. It is possible to cover accidental pollution and damage to the environment in general liability policies, though not all carriers are willing to do so. This coverage normally is placed in global liability policies as part of corporate insurance programs. Directors and Liability There is only one market for this line of coverage in Venezuela, and it not common to seek coverage for this kind of risk. Medical Malpractice Rates: Varies Due to inflation in Venezuela, rate increases of up to 30% are not uncommon. Those seeing large increases need to analyze their loss histories, as well as the frequency and severity of claims to negotiate with carriers. Marine Rates have risen due to the lack of new investment beyond the state, as well as the high risk in ports and airports. Aviation There is no local market for aviation coverage. All the insurance markets have to go to reinsurers out of the country. RISK TRENDS PROPERTY ALL RISK Lack of local or contractual coverage has led some reinsurers to reduce their contracts with insurance companies. REINSURANCE Local capability for reinsurance is very low. 14 Insurance Market Report 2013

17 SURETY BONDS Surety bonds have to be written in standard models, controlled by the Superintendence of the Assurer Activity. Some models have suffered changes that have been not accepted by the insurance market. On the other hand, there is lack of local or contractual capability. GENERAL LIABILITY General liability risk is not covered alone, but with other lines. Contact: JOSE VILLASMIL Placement Leader Marsh 15

18 INSURANCE MARKETS BY SPECIALTY AND INDUSTRY 16 Insurance Market Report 2013

19 CAPTIVES INSURANCE MARKET CONDITIONS Latin America has shown an increasing interest and significant growth in alternative risk transfer programs. Many regional firms are well-positioned financially to consider some type of self-insured retention in combination with traditional risk transfer options, and are eager to improve their understanding of the nuances and operational and financial benefits of using captives. Much of the increased interest in captives can be attributed to the growth of many Latin American countries economies. As companies grow, they are branching out, becoming multi-latinas. In addition, the improved political and regulatory environment in some Latin American countries, and the efforts by some governments to make doing business in their countries easier, more flexible, and more secure, have further contributed to the growth of captives. Clients have become aware of the benefits of a captive, including the option to write risks that the insurance market is either not willing or unable to cover (or will cover only with limited conditions). Not only are Latin American companies expanding their operations worldwide, but the risk management culture in the region has also become more mature. Alternative options for risk financing are becoming better known in risk management circles. Latin American risk managers are increasingly open to the idea of risk financing tools and are searching for more sophisticated ways to optimize their organization s total cost of risk. Companies are looking at stabilizing their bottom lines, and a captive solution is often an effective way to manage insurance market volatility. Some clients, as they grow, are looking to benchmark their programs and the use of captives against other companies that are in the same industry. They are looking beyond Latin America to their global competitors and want to ensure that their programs meet the same state-of-the-art standards that their global competitors can meet. LOOKING AHEAD In the years ahead, the adoption of captives as an alternative to traditional insurance market solutions will likely increase, and the strategies used by those captives will likely become more sophisticated. Many Latin American companies should consider the role captives could play in their risk management programs. The main challenge for managers and shareholders is to fully understand the concept of a captive and the benefits they provide. There is still much to do in that field. Another challenge comes with fronting possibilities. Although the global names are present in Latin America, there are not many fronting companies in the region. Regulation is also a challenge in Latin America. Each country s regulation is unique. Establishing a captive and understanding the various applicable country regulations can be complex, but the benefits captives bring can justify the effort. RISK TRENDS GROWING INTEREST IN CAPTIVES Many industries are interested in captives, including manufacturing, financial, mining, energy, utilities, and aviation. No specific industry, more than another, is looking to adopt a captive solution. As long as a company has operations in many countries, it can benefit from a captive solution. When it comes to the types of insurance lines a captive can insure, it depends on the industry and the company; property is a typical line of business for captives to write in Latin America. Other lines include liability, political risk, transportation, extended guarantee, and terrorism lines. Captives can also make sense for risks that are difficult to cover via the traditional insurance market in Latin America. Contact: Maria Escobar Head Captive Solutions Latin America , Marsh 17

20 NOTES 18 Insurance Market Report 2013

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