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Latin America and Caribbean Insurance Market Rates

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

Q1 2024 

Latin America and Caribbean rates increase

Insurance rates in the first quarter of 2024 in the Latin America and Caribbean (LAC) region increased 5%. 

Latin America and Caribbean first quarter 2024

Latin America and Caribbean composite insurance rate change

Latin America and Caribbean Property

Property insurance rates increase for 22nd consecutive quarter

Property insurance rates increased 4%.

  • Capacity was low in Mexico, contributing to increased rates in the wake of Hurricane Otis, particularly for complex risks and those with catastrophe exposure.
  • Colombia's property market experienced an increase in capacity and interest in underwriting high-quality risks, resulting in flat renewals and some rate decreases, albeit with continued underwriting scrutiny.
  • Sabotage and terrorism (S&T)  and strikes, riots, and civil commotion (SRCC), capacity remained limited locally.
    • There was increased interest from international markets in these areas. 

Latin America and Caribbean casualty

Casualty rate increases continue

Casualty insurance rates rose 8%.

  • Increased local competition and the emergence of competitive facultative capacity contributed to rate moderation.
  • In some regions, renewals generally experienced flat rates or slight increases; however, some experienced increases.
  • Auto liability rates moderated with a decrease in the frequency of damage claims, but with higher rates observed for theft coverage.

Latin America and Caribbean financial and professional lines

Financial and professional rates decline

Financial and professional lines rates fell by 4%.

  • Insurer appetite increased.
  • Insureds found opportunities to enhance coverage, increase limits, and explore new alternatives and insurance structures.

Cyber rates decline, insureds seek program improvements

Cyber insurance rates decreased 3%. 

  • Underwriters continued to consider the quality of cybersecurity controls and risk management policies.
  • Variations across countries remained due in large part to differing claims experiences. In certain markets, such as Mexico and Peru, some clients experienced increases in the 10% range.
  • Improved market conditions led some companies to seek broader coverage and higher limits.
  • It is an opportune time for clients to seek broader coverage and contemplate higher limits, as both are now more affordable. 

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”