Insurance: The week in 10 stories

By
Friday, January 11, 2019

Brazil's President Jair Bolsonaro will leverage social media to drum up public support for his pension reform proposal and succeed where Michel Temer failed by likely signing it into law in the first half of the year. That's according to Mario Mesquita, chief economist of Brazilian financial services giant Itaú Unibanco.

Brazil's government may introduce a capitalization regime for the country's pension system.

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Rural insurance is expected to continue its expansion in Brazil this year.

MEXICO

Mexico's financial leadership has unveiled an eight-point, public-private initiative to strengthen the financial sector.

Assets under management held by Mexico's 10 pension fund managers totaled 3.33tn pesos (US$172bn) at the end of 2018, a 5% year-on-year increase in real terms. It was the lowest growth rate on record for Afores, which date back to 1998.

ARGENTINA-CHILE

Sales of light vehicles in Chile hit a record high last year, as the currency crisis in neighboring Argentina sapped demand in the second half after a strong January-June.

Argentina has introduced a new tax on the country's various types of cooperatives.

PERU

In a bid to encourage personal savings, Peru has authorized the country's four private pension fund managers, called AFPs, to establish discount schemes in partnership with the likes of retailers.

COSTA RICA

Costa Rica's fiscal woes will put a drag on insurance sector growth in 2019, with Fitch Ratings projecting 7-8% premium growth this year following the estimated 9-10% in 2018.

GUATEMALA

Guatemala's insurance sector faces a challenging growth environment in 2019. Fitch Ratings expects 4% premium growth this year compared with a forecast 3% in 2018.