Insurance: The week in 10 stories

BB Seguridade, the insurance arm of state-run lender Banco do Brasil and Spanish insurance giant Mapfre, will reorganize their partnership.

MEXICO

Crop insurance in Mexico has potential for strong growth, given the line's low penetration and heavy exposure to climate-related disasters, which look to intensify with climate change and a growing population.

Mexican top-tier financial institution Citibanamex and Chubb Seguros México announced a long-term agreement whereby Chubb will offer a broad range of non-life insurance products to Citibanamex's consumer bank clients in Mexico.

Demographic growth and increased life expectancy in Mexico are making pension solvency the most serious financial problem in the country, said Francisco Aguirre, director of local actuarial consulting firm Valuaciones Actuariales del Norte

ARGENTINA

Argentina's securities watchdog CNV has amended its rulebook to ease authorization requirements that frequent issuers are subject to and to help spur infrastructure projects along.

CHILE

Chile's pensions watchdog SP is seeking a firm to draw up service guidelines that the country's private pension fund managers will have to follow.

Chile's insurance and securities watchdog CMF has amended rules governing the investment activities of insurers.

PERU

Peru, where rising crime rates are pushing up costs for the country's businesses, plans to transfer 64.7mn soles (US$20mn) to local municipalities around the country to improve public security, according to the government.

EL SALVADOR

The Microinsurance Catastrophe Risk Organisation (MiCRO), a reinsurance company established in Barbados and founded by Fonkoze and Mercy Corps with the support of Swiss Re, has launched a new parametric insurance product in El Salvador providing business interruption coverage and protection for low-income families against natural disasters.

PUERTO RICO

Puerto Rico's insurance commissioner Javier Rivera Ríos and governor Ricardo Rosselló have warned insurers they could face serious consequences if claims payments related to hurricanes Irma and Maria are not accelerated.