Digital commercialization for insurers in Latin America ceased to be a long-term development project to became a top priority to them. It gained special relevance during the year 2020 due to the Covid-19 pandemic, whose effects prevented the insurance market from commercializing its products through the customary mechanisms. As jurisdictions in Latin America have several
The use of alternative dispute resolution mechanisms for insurance and reinsurance has become a growing practice in Latin America. In particular, arbitration has been widely accepted as offering flexibility, celerity and high qualified and specialized arbitrators, generating confidence, guaranteeing access to the administration of justice and relieving congestion in the ordinary jurisdiction Arbitration regulations in
The world’s main reinsurance markets typically provide its services on a cross-border basis for Latin American based cedants, considering that the reinsuring capacity within the region is limited, in comparison to the insurance companies’ demand. Consequently, these cross-border transactions imply taxation difficulties for the local governments of the country where the cedants are domiciled, as
The use of parametric insurance as an alternative to traditional indemnity-based insurance has increased over the last twenty years, particularly as a mechanism for insuring against extreme weather risks. Following the aforementioned increasement, parametric insurances in Latin America have not received a standardized legal treatment from the local regulators. Every country has developed its applicable
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