A.M. BestTV: Latin America Offers Large Potential Market for Microinsurance, Says A.M. Best Senior Managing Director
OLDWICK, N.J.--(BUSINESS WIRE)--Nov 16, 2018--In this episode of A.M. BestTV from the LIMRA-LOMA Latin American Conference in New York, NY, Andrea Keenan, senior managing director, A.M. Best, said while insurers in Latin America don’t focus on microinsurance as much as they do in other regions of the world, a large potential audience still exists there that could benefit from the product. Click on http://www.ambest.com/v.asp?v=keenan1118 to view the entire program.
Keenan spoke about how insurers perceive microinsurance in Latin America.
“Latin America is a much wealthier region than other microinsurance hubs such as Southeast Asia and Africa, and so microinsurance doesn’t receive the same focus from companies as it does in those other regions,” said Keenan. “But the potential audience is still in the range of 150 million people.”
Still, Keenan said she is optimistic about the growth of microinsurance in Latin America: “Latin American insurance companies have a passion to provide this service and protection to their fellow Latin Americans. In the interest of offering a good product, which is going to help the community and also bring some additional profitability, I do believe that microinsurance has a positive future.”
Recent episodes of A.M. BestTV include:The Future of Life Insurance: Faster, Smaller, Customized and Multi-Purpose: Attendees at the 2018 LIMRA Annual Conference said ordinary life coverage should have a solid future but will likely be sold in new and innovative ways and in a variety of formats: http://www.ambest.com/v.asp?v=limra31118. EMEA Insurers Seek Growth Opportunities in Trending Non-Life Lines: At A.M. Best’s 2018 annual Insurance Market Briefing — Europe, EMEA insurers said they see growth opportunities in insurance for mortgage, cyber and terrorism: http://www.ambest.com/v.asp?v=imbe11118. Delaware Is First U.S. Captive Domicile to Adopt Conditional Licensing: Steve Kinion, director of the Bureau of Captive and Financial Insurance Products, Delaware Insurance Department, said the state now allows selected captive organizers to launch captive insurers upon submission, with six months to establish permanent licensing: http://www.ambest.com/v.asp?v=kinion1118.
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SOURCE: A.M. Best
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PUB: 11/16/2018 12:59 PM/DISC: 11/16/2018 12:59 PM