Insurance markets in Latin America experienced a 10.5% rise in premium volumes in 2009 compared to the preceding year – reaching €76 591m.
According to ‘The 9th Edition of the Latin America insurance market report', published by Mapfre, the depreciation of some local currencies, such as the Mexican Peso, against the Euro, has not favoured the translation into Euros of revenues from premiums in the region, which would have recorded a 14.2% rise compared to previous year should they have been expressed in local currency.
All the markets except for Mexico, experienced nominal increases in their premium volumes in Euros in 2009, according to the report. The countries that experienced a greater growth in Euros during that period were Venezuela (41.7%), Paraguay (26.1%), Peru (23.3%), Panama (15.2%) and Uruguay (14.9%). Likewise, the study reflects that the eight largest insurance markets in the region accumulated 95.1% of premiums and the three largest markets 65.6%. Brazil, with a 36.4% share, is still the largest market in the region, clearly exceeding the revenues from premiums of the two following countries in the ranking, Mexico and Venezuela.
Source: http://www.postonline.co.uk
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