Standard & Poor’s Rating Services has issued a new report in its current series analyzing global reinsurance. The study – “Reinsurance In Latin America, Especially Brazil, Shows Growth Potential -” concludes that there are “good growth prospects” in the region, despite the “still-low penetration” of the reinsurance industry within the Latin American economy.
S&P concludes that the reinsurance business is showing signs of improvement. In Mexico, Argentina, and Brazil, the perspectives for reinsurance are good. However, S&P points out “while Brazil has the largest insurance market in Latin America, it lags the other countries in the reinsurance segment.”
S&P credit analyst Daniel Araujo explained: “With gradual moves to more stable economic environments in dominant Latin American countries, we expect the development of more sophisticated insurance products within the reinsurance market. Specifically, in Brazil, the opening up of the reinsurance market should speed up growth in the insurance industry overall. Over time, it should help bring the industry further in line with other segments of the Brazilian economy that have gradually become more open.”
The article is part of the “Global Reinsurance Highlights 2007″series. Subscribers to RatingsDirect can search for the contents of the series by typing “GRH2007” in the Keyword/Identifier box on the left-hand navigation bar, and by selecting “Research” in the Search Type box at: www.ratingsdirect.com
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