Insurance: The week in 10 stories

BRAZIL

Caixa Seguridade, the insurance arm of state-run bank Caixa Econômica Federal, has re-started a process to search for new partners and explore new partnership models in the savings bond, auto and housing insurance segments.

Regulator Susep is evaluating measures to ease access to the insurance market for insurtechs to boost competition and improve insurance penetration.

Insurance broker Wiz Soluções reached an agreement to buy a 40% stake in the insurance operations of digital lender Banco Inter.

Hapvida Sistema de Saúde will buy rival Grupo São Francisco for over US$1bn, making it the largest player in the private health market.

CARIBBEAN

Legislators in the Dominican Republic are nearing agreement on legislation to replace its social security agency. Jamaica is working with the World Bank to develop a CAT bond. GraceKennedy and Musson Group partner to form Canopy Insurance in the Jamaican insurance market.

COLOMBIA

Fintechs will benefit from a new special fast-track licensing scheme.

GUATEMALA

Insurer-focused ratings agency AM Best held its outlook for Guatemala’s insurance sector ‘stable’, noting local operators showed ability to adjust underwriting strategies to compensate for economic volatility and retain profitability, while strengthening their capital bases.

MEXICO

The government invests an average of US$5bn every year in insurance, spending roughly 1 of every 5 dollars that goes into the local industry, according to Manuel Escobedo, president of the country's insurer association AMIS.

PERU

Insurer association Apeseg expects a new agriculture insurance subsidy to be launched around mid-year and benefit thousands of small and medium-sized producers.

A flurry of pension-related bills has been submitted – the latest in a series of developments on the reform front in the Andean nation.