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LONDON--Latin America's insurance industry has potential to grow rapidly, even though the region currently accounts for only 2% of the global insurance market, according to a report released Monday.
Gross premiums written in Latin America rose to $53 billion in 2005 from $44 billion in 2004, noted the report from London-based reinsurance intermediary Benfield Group Ltd.
The report noted that economic and tax reforms that provide an incentive to save have boosted the sales of life insurance products, accounting for 53% of all business written in the region.
Auto coverage dominates property/casualty insurance, followed by property coverage. But market penetration by insurers remains low, typically around 4%, with Chile the exception at 6%.
The report, "Latin America Insurance Market Review: Focus of Brazil and Mexico," can be viewed at www.benfieldgroup.com/research.