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Latin America and Caribbean Insurance Market Pricing

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the LAC insurance market.

Q4 2023 

Latin America and Caribbean pricing: Financial and professional lines decline for first time in 26 quarters

Insurance rates in the fourth quarter of 2023 in the Latin America and Caribbean (LAC) region increased 8%. 

Latin America and Caribbean fourth quarter 2023

Latin America and Caribbean composite insurance rate change

Latin America and Caribbean property

LAC property rates increase

Property insurance rates increased 6%. 

  • Facultative capacity is generally still required to reach desired limits and improve rates.
  • In Brazil, insurers reduced capacity for risks with high limits and poor loss records.
  • In Chile, increased insurer competition led to rate decreases in some areas, such as hotels, buildings, and universities.
  • In Mexico, insurers continued to evaluate rates for catastrophe (CAT) exposures following the Category 5 hurricane that hit Acapulco in late October.

Latin America and Caribbean casualty

Casualty rates continue to rise

Casualty insurance rates rose 11%.

  • Motor liability increases were driven by inflation and an increase in accidents and theft.
  • Organisations that require facultative capacity or different placement structures also experienced a slight decrease in rates due to the participation of international insurers, new reinsurance capacities, and local competition.

Latin America and Caribbean financial and professional lines

Financial and professional rates decline

Financial and professional lines rates fell by 2%.

  • The decrease was due in part to heightened insurer competition over market share as well as new capacity entering the market. 

Cyber reinsurers interest in region grows

Cyber insurance rates increased 3%.

  • There is growing interest from reinsurers, particularly in the UK, to better understand the region. This enables improved negotiation of technical conditions and the possibility of higher limits. 
  • Most clients experienced rate increases; companies seen by insurers as having good cybersecurity controls and risk management policies typically experienced smaller ones. 

Explore the report

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Global Insurance Market Index

Global Insurance Market Index

02/01/2024

The Global Insurance Market Index is our proprietary measure of global commercial insurance rate change at renewal - providing insights on the world's major insurance markets.
Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US Insurance Rates | Q4 2023

02/01/2024

Insurance rates in the fourth quarter of 2023 in the US increased by 3%.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/01/2024

Insurance rates in the UK were flat in the fourth quarter of 2023.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 4% in the fourth quarter of 2023.

Beautiful aerial view of the Sydney Opera house by the bay in Australia. Panoramic view.

Global Insurance Market Index

Pacific insurance rates

Insurance rates in the Pacific region were flat in the fourth quarter 2023.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in the fourth quarter of 2023 in Asia were flat.

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Canada insurance rates

Insurance rates in Canada were flat in the fourth quarter of 2023.
Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

10/29/2023

Insurance rates in the fourth quarter of 2023 increased 4% in the IMEA region.