Are you attending the 2023 Miami (Re)Insurance Week?
It takes place on 13-17 February and among the many events and networking is our advanta Breakfast #Forum on 15 February 2023.
Important update by José Miguel Varela (Director):
“We are thankful for the support from clients and colleagues. We have reached again the full occupancy of the venue, son for that reason we won’t be able to confirm additional registration. However, such an important topic and discussion will be replicated soon in other events and cities. Stay tunned!”
We at advanta Miami, with our partners LEA – Leza, Escriña y Asociados we’ll be discussing how inflation is affecting #claims in Latin America, using commercial property and renewable energy case studies.
Title: Underinsurance in Latin America. Inflation impact in the region.
Pandemic-related supply chain issues, political stress everywhere and ever-changing insurance market are the ingredients of a global inflation which has surprisingly last than all expert anticipated. The immediate effect of inflation is the reduce on the purchasing power of consumers, which includes insurance. Reduction in expense capacity cause pressure over the premiums but considering that the real replacement value of assets is suffering also of rising of costs, makes the new price of risk transferring in danger of instability. Like many other industries, the Insurance coexists in a global economy in a delicate equilibrium.
The most important consequence of the increase of cost of replacement is the risk of not being able to do it through the insurance policy, in case there is a covered loss. In other words, the promise of covering when a loss happens, could not be fulfilled because of a “underinsurance” condition.