Insurance: The week in 10 stories

BRAZIL

–The sponsor of the massive pension reform in Brazil suggested increasing taxes on banks to compensate for the lower savings the reform would generate after political concessions.

–Reinsurance companies Terra Brasis and Austral Re will merge their operations, creating the second largest reinsurer in Brazil.

–Through a joint initiative, the Brazilian government and bank and insurer regulators want to establish a regulatory sandbox for fintech and insurtech development.

–Brazilian health insurance company Hapvida Sistema de Saúde signed a deal to acquire local rival Grupo América and expand its presence through the country’s central-west region.

MEXICO

With the Mexican government expected to propose a major pension and tax reform in 2021, experts are calling on lawmakers to make worker benefits 100% tax deductible and find a way to boost the current 6.5% contribution rate going to pension fund managers (Afores).

ARGENTINA

Just days after launching a car discount scheme to spur the local auto manufacturing industry, Argentine authorities have broadened the initiative to include imported vehicles.

COLOMBIA

–BNamericas takes a look at the local unit of Germany’s Talanx as it strengthens links with the Latin American nation's cooperative sector.

–Premiums corresponding to insurance products linked to financial inclusion in Colombia grew in real terms last year, according to a report.

COSTA RICA

Costa Rica’s insurance premiums reached 303bn colones (US$517mn) in March, an increase of 26bn colones from March 2018, backed by strong growth in personal lines, according to insurance sector regulator Sugese.

PUERTO RICO

Puerto Rican authorities have reached a tentative agreement that would reduce or eliminate proposed cuts to pension benefits for 167,000 retirees, as the US territory works to exit its years-long fiscal crisis.