Digital report

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 Latin America and Caribbean (LAC) insurance market.

Q4 2024

Latin America and Caribbean rates increase

Insurance rates in the fourth quarter of 2024 in the LAC region increased 1%.

Latin America and Caribbean fourth quarter 2024

Latin America and Caribbean composite insurance rate change

Latin America and Caribbean property

Property insurance rates decrease for first time in over six years

Property insurance rates declined 1%, the first decrease in 25 quarters.

The decline was driven primarily by significant decreases in Chile and Peru.
The impact of claims from Rio Grande do Sul flooding on property rates diminished, though insurers remained cautious about flood coverage and often imposed restrictions.
Some insurers in Mexico continued to limit the number of co-insurers, resulting in localized rate increases.
Increased competition was evident, particularly in the facultative market.
Insurers maintained cautious underwriting, especially for higher-hazard accounts or those with poorer loss records, with continued focus on risk management practices.

Latin America and Caribbean casualty

Casualty rates increase

Casualty insurance rates increased by 5%, the eleventh consecutive quarter of increase.

A downward trend in third-party liability rates was observed across the region, driven by excess capacity and increased competition.
Brazil, Peru, Mexico, and Chile experienced substantial rate reductions, while Puerto Rico saw flat or slightly discounted rates for favorable accounts and increases for high-risk operations.
Renewals in Colombia were generally flat or increased slightly, with some organizations benefiting from insurer competition.
The motor insurance market was characterized by strong competition and a high appetite for risks, leading to favorable conditions for insured parties.
- Brazil faced inflation and claims challenges, while Peru maintained flat rates due to improved underwriting.
- Mexico's renewal increases were at lower rates than expected, while Colombia saw stable pricing with low claims activity.

Latin America and Caribbean financial and professional lines

Financial and professional lines rates continue to decline

Financial and professional lines rates declined 8%, marking the fifth consecutive quarter of decline amid competition in regional and global markets.

The management liability market remained competitive, with significant capacity.
Many clients increased limits and/or adjusted their coverage.
Rates for errors and omissions (E&O) coverage trended stable.
Medical malpractice coverage began to experience increased rates.

Cyber rates decline and conditions improve

Cyber insurance rates declined 7%.

Clients typically increased limits, saw greater insurer flexibility, and were able to purchase broader coverage.
Reinsurers showed a greater appetite for risks in the region, providing broader coverage than most local insurers.
There was a significant increase in notifications for ransomware, extortion, and large data breaches in the second half of 2024.
Supply chain attacks increased, particularly affecting industries reliant on interconnected ecosystems, such as finance, healthcare, and transportation.
Stricter data privacy enforcement is emerging in Latin America, particularly in Chile and Brazil, aligning with EU General Data Protection Regulation (GDPR) standards.

Our rates reflect the segment mix of Marsh’s client portfolio.

Global Insurance Market Index

02/05/2025

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

02/05/2025

Insurance rates in the fourth quarter of 2024 in the US were flat.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/05/2025

Insurance rates in the UK declined 5% in the fourth quarter of 2024.

Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Latin America and Caribbean Insurance Market Rates

Latin America and Caribbean rates increase