---
title: "🌎 LATAM Non-Life Reinsurance: A 24-Market Masterclass"
description: "📽️ LATAM Non-Life Reinsurance: A 24-Market Masterclass\n\n📌 These tutorials will offer you all the basics you need to master reinsurance."
---

[Insurance & Reinsurance market | Arundo Re's blog](https://blog.arundore.com/en)

# [🌎 LATAM Non-Life Reinsurance: A 24-Market Masterclass](https://blog.arundore.com/en/latam-non-life-reinsurance-a-24-market-masterclass)

 Written by [Arundo Re](https://blog.arundore.com/en/author/arundo-re) | Sep 16, 2025, 5:00:00 AM

## Penultimate meeting with The Reinsurance Tutorials, episode #8 - Season 4

Hi everybody 👋

 

Today is the launch of the 8th episode of the Reinsurance Tutorials season 4!

We will talk about "LATAM Non-Life Reinsurance: A 24-Market Masterclass". 

 

This topic will be addressed by our Arundo Re experts **Emmanuel JACQUEMIN and José-Luis CAMPOS.**

Let’s start! ⏬

 

**\[José-Luis\]:** Hello, everyone. I’m José Luis Campos, senior underwriter for N**on-Life contracts in Latin America**. Today, I’m going to talk about the interesting world of N**on-Life reinsurance in Latin America**. A **dynamic and diverse market** full of **opportunities**.

 

**\[Emmanuel\]:** Hello, I am Emmanuel Jacquemin, Director for **Southern Europe and Latin America**. We will divide our presentation into **five main themes**:

1. The diversity of the insurance markets in Latin America.
2. The traditional structures and new trends in reinsurance.
3. Management of major catastrophe exposures.
4. The predominance of the fire risk and the low cession in automotive and civil liability.
5. The importance of personal relations in the reinsurance business.

**\[José-Luis\]:** Latin America is a **mosaic** of 24 insurance markets with **unique characteristics**. In countries like Peru, the **concentration** in a few companies is significant, while other markets like Ecuador and Paraguay are much more **dispersed**. Similarly, the **presence of international insurance groups** is high in countries like Mexico and Brazil, but less marked in countries like Argentina or Bolivia.

As there are so many differences between the 24 markets in Latin America, it’s **impossible to generalise**. However, there are **common themes** in the different non-life insurance markets and that’s what we want to talk about today.

 

**\[Emmanuel\]:** The vast majority of companies buy their reinsurance through traditional structures, or rather one **proportional** and one **non-proportional** to cover the retention. Sometimes, companies buy a temp excess that protects the retentions of various lines. It is relatively uncommon to see **excess on gross structures**, i.e. without proportional, for fire, engineering or bond portfolios. Retentions are usually low compared with international standards. The **penetration of non-traditional products** is still **marginal**. Some reinsurers promote **parametric protection**, but there are relatively few of them and they are almost exclusively in **agro** or in **CART**.

 

**\[José-Luis\]:** The region is susceptible to disasters such as **earthquakes, hurricanes and flooding**. Exposure to **earthquakes** is concentrated in **Mexico**, **Central America** and throughout the **Andes**. Furthermore, **Mexico**, **Central America** and the **Caribbean** are threatened by **hurricanes**. The whole region is exposed to **flooding risk**. The intensity of the exposure **varies from country to country**  
and is much more of a concern in Chile or Mexico than in Brazil or Argentina. However, the recent flooding in **Mato Grosso do Sul** reminds us that **all countries are exposed** to disasters. The effects of **climate change** are particularly severe in the region. Brazil had the worst drought in its history in 2021, and in 2024, the worst flooding in its history. The severity observed in agricultural insurance has been extreme and raises questions about its insurability. Reinsurance plays a vital role in the protection of insurance companies faced with these **huge losses**.

 

**\[Emmanuel\]:** The main N**on-Life insurance lines** are **automotive** and **property**. In contrast, the weight of other sectors, including **civil liability**, is relatively low. **Contract compliance insurance** is very important in countries like **Colombia, Mexico, Argentina** and **Brazil**,  
as a result of **local legislation** that demands this cover. The business lines that call for a lot of capital are usually disposed of by companies, which explains why the fire risk and associated lines has historically **dominated reinsurance** in the region. On the other hand, many companies are retaining the automotive business. The difference in **distribution by line** between Latin America and the more **mature markets** is explained by both the **low penetration** and the **difference in indemnities**. Both factors represent an **opportunity for development** of the market. Development of new products and the expansion to new market segments  
like micro-insurance and PME insurance are some of the strategies that can help to grow insurance penetration.

 

**\[José-Luis\]:** The **reinsurance business** is built on **confidence** and **solid personal relationships**. **Closeness with clients**, in-depth knowledge of the market, and **effective communication** are the **keys to success**. It is often said that **reinsurance is a personal business**, but on no continent are personal relations more important than in **Latin America**. This is why Emmanuel and I will never swap our **Latino markets** for any other.

 

**\[Emmanuel and José-Luis\]:** Go Latin America!

 

 

See you soon for the next (and last) episode 👋

 

 

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