Impact of COVID-19 on the Latin American Insurance and Reinsurance Market

ABSTRACT

As elsewhere in the world, the Latin American region and its diverse economies have been heavily affected by the COVID-19 pandemic, and, particularly, by the different government measures adopted by each country. The region's insurance and reinsurance markets have not been exempted from these effects, notwithstanding their less developed nature compared to the large world economies. The smaller extent of insurance coverage offered, the regulatory and legislative features of each country, and the uninsurable nature of the pandemic, are some of the aspects to be considered when studying the market in the region and, together with this, account for the impossibility of applying, in most cases, the caselaw criteria of the more developed markets in the Latin American region. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.