Insurance: The week in 10 stories

BRAZIL

The government of Brazilian President Jair Bolsonaro will not fail like the previous administration in obtaining congressional approval for a major pension reform, an official said.

The largest non-bank controlled insurer in Brazil, SulAmérica, signed an agreement to acquire a 25% stake in local investment house Órama in order to diversify its revenue streams and boost its digital footprint.

MEXICO

The government of Mexican President Andrés Manuel López Obrador sees the potential for the nation’s insurance sector to grow 250% if it is able close the estimated US$22bn insurance gap, according to the head of insurance sector regulator, Ricardo Ernesto Ochoa.

MEXICO-BRAZIL

Brazilian reinsurer IRB Brasil Re is reportedly planning to expand into Mexico.

ARGENTINA

Argentine lawmakers submitted a bill that amends rules governing the mandatory auto insurance segment, website 100% Seguro reported.

COLOMBIA

Colombia’s government launched a public consultation process as part of plans to introduce a pension reform bill.

Insurer HDI Seguros said it is investing, annually, 2% of premiums in technology. The company, a unit of Germany’s Talanx, said pumping resources into technology is not just a necessity but also an opportunity.

CHILE

Chile’s lower house has saved the government’s pension reform bill from the scrapheap.

While much debate surrounding cybersecurity and cyber-risk centers on how to thwart attacks, the area also presents solid growth opportunities for insurers. That was among the main takeaways from cybersecurity-focused international conference CiiA 2019 hosted by Chile's association of insurers AACh.

ARUBA-BARBADOS-BERMUDA

The EU's Economic and Financial Affairs Council said it would remove Aruba, Barbados and Bermuda from the EU list of non-cooperative tax jurisdictions, the so-called blacklist of tax havens.