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(1)

CBMU Annual

Conference

IUMI Facts & Figures Committee &

ALSUM - Latin American Marine Underwriters Association

(2)

Marine Insurance in

Latin America

Erika A. Schoch

IUMI Facts & Figures Committee &

(3)
(4)

Agenda

Economical background

Latin America Insurance premium Latin America Insurance details per market

(5)

Latin American Real GDP Growth

-10% -5% 0% 5% 10% 15% 02 03 04 05 06 07 08 09 10 11

Brazil Chile Colombia Mexico Peru

(6)

Inward and Outward Foreign Direct Investment Stock (2002-2011)

-100,000 200,000 300,000 400,000 500,000 600,000 700,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Brazil Chile Colombia Mexico Peru

(in mio USD)

(7)

24% 20% 22% 23% 19% 0% 5% 10% 15% 20% 25% 30% Peru Mexico Colombia Chile Brazil

Investment Rate as part of the GDP

(8)

14.5 58.2 22

Exports by sector (%)

34 27.9 35.2 21.8 64.2 10 6.3 16.7 74.5 16.7 49.5 10.7

Brazil

Peru

Colombia

Chile

Mexico

Agriculture prod.

Fuels and mining prod.

Manufactures

(9)

Sovereign ratings

Country

Foreign Currency Long Term

Foreign Currency Short Term

Moody's

S&P

Fitch

Moody's

S&P

Fitch

Brazil

Baa2

BBB

BBB

NR

A-2

F2

Chile

Aa3

A+

A+

NR

A-1

F1

Colombia

Baa3

BBB-

BBB-

NR

A-3

F3

Mexico

Baa1

BBB

BBB

WR

A-2

F2

Peru

Baa1

BBB

BBB

NR

A-2

F2

(10)

Economic Freedom & Doing Business Index

Nr.

Economic Freedom Index

(186 countries)

1

Hong Kong

7

Chile

42

Peru

45

Colombia

54

Mexico

99

Brazil

Nr.

Ranking Doing Business

(183 Countries)

1

Singapore

37

Chile

43

Peru

45

Colombia

48

Mexico

130 Brazil

(11)

Marine insurance growth in Latin America

2,289

27,444

2010

(in USD mio)

Latin America Rest of the World

(7.7%) 2,639

29,183

2011

(in USD mio)

Latin America Rest of the World

(8.2%)

(12)

Agenda

Economical background

Latin America Insurance premium Latin America Insurance market Type of coverages

(13)

Latin American Marine Insurance Premium

2011 2010 20092008 -200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Cargo Offshore (in Mio. USD)

• Economical & Legal Environment • Social & Political Environment • Infrastructure

• The New "Sexy" • Market competition

• Lack of marine knowledge • Excess of Confidence

• LA Classic Marine Risks

(14)

Agenda

Economical background

Latin America Insurance premium Latin America Insurance market Type of coverages

(15)

Brazilian Marine Market Analysis

2… 2… 2… 2… -200 400 600 800 Cargo Hull Marine Liab.Offshore (1)

(in Mio. USD)

(1) Before 2011 Marine Liab. were included within the Hull LoB

• Economical & Legal Environment • Political & Social Environment • Size of the market

• Protectionism vs PAC 1 & 2 (2)

• Infrastructure • Auto-sufficient • Coinsurance • Quick learner • Nat Cat Exposures

• LA Classic Marine Risks

(2) PAC = Programa de Aceleração de Crescimento

(16)

Chilean Marine Market Analysis

2011 2010 2009 2008 -20 40 60 80 100

Cargo Hull Offshore & Marine Liab.: No data available (in Mio. USD)

• Economical & Legal Environment • Political & Social problems

• Infrastructure • Nat Cat Exposure

• Technical vs Commercial Rates • Coinsurance (in Hull)

• London Market Attention • LA Classic Marine Risks

(17)

Colombian Marine Market Analysis

2011 2010 2009 2008 -20 40 60 80 100 120 140 Cargo Hull

(in Mio. USD)

Offshore & Marine Liabilities : No data available

• Economical & Legal Environment • Political & Social Environment • Infrastructure

• Technical vs Commercial market • Nat Cat Exposures

• LA Classic Marine Risks

(18)

Mexican Marine Market Analysis

2011 2010 2009 2008 -100 200 300 400 Cargo Hull Offshore (in Mio. USD)

Offshore data is best estimates Marine Liabilities: No data available

• Economical & Legal Environment • Political & Social Environment • Infrastructure

• USA

• Size of the market • Nat Cat Exposures • Classic Marine Risks

(19)

Peruvian Marine Market Analysis

2011 2010 2009 2008 -20 40 60 80 Cargo Offshore (in Mio. USD)

Offshore data is best estimates Marine Liabilities: No data available

• Economical & Legal Environment • Political & Social Environment • Infrastructure

• A "Fishy" market • Market competition • Nat Cat Exposures • Classic Marine Risks

(20)

Venezuelan Marine Market Analysis

2011 2010 2009 2008 -30 60 90 120 150 Cargo Hull Offshore (in Mio. USD)

2011 data is best estimates

Marine Liabilities: No data available

• Economical & Legal Environment • Political & Social Environment • Infrastructure

• Currency / Exchange Rate Control • LA Classic Marine Risks

(21)

Agenda

Economical background

Latin America Insurance premium Latin America Insurance market Type of coverages

(22)

Classic Marine Risks in Latin America

Low High

Impact to the marine insurance industry Nr of losses

-

+

Robbery Theft Turn over Nat Cat General Average Accumula tions Strike Piracy
(23)
(24)

THANK YOU

Special thanks to ALSUM and Swiss Re Economic

Research & Consulting for their statistical Input

References

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