Insuralex is pleased to present this executive report updated to the year 2024 on some of the most important topics of how insurance markets in Latin America are regulated and unregulated in each jurisdiction of the region. Issues of whether parametric insurance is permitted and whether there are any restrictions on insurance companies or policyholders will be addressed.
This report updates the reports published in 2020 and 2022, considering the new regulations on parametric insurance issued in the last years and the fact that new jurisdictions from the region joined insuralex during the same period. (Honduras, El Salvador, Nicaragua and Puerto Rico)
Parametric insurance is emerging as a transformative solution in Latin America, addressing the unique challenges posed by natural disasters and climate change. Unlike traditional insurance, which compensates for actual losses incurred, parametric insurance provides payouts based on predefined parameters or triggers, such as the magnitude of an earthquake or the amount of rainfall during a storm. This innovative approach ensures faster and more efficient claims processing, offering immediate financial relief to affected individuals and businesses.
