Austral Re expands to Colombia and Ecuador

Featured

Austral Re has received authorization to operate in Colombia and Ecuador.

The Brazilian reinsurer is also awaiting approval, from the local authorities, to expand its operations to Mexico, Argentina and Paraguay.

According to the reinsurance company, the “decision to expand the activities to these countries was based on the economic and geographic potential of Latin America, where the reinsurance premiums totaled $21bn in 2014, of which 84% are outside Brazil”.

Bruno Freire, Austral Re’s CEO, said despite representing nearly 50% of insurance premiums in the region, Brazil has capitalized insurers and little exposure to natural disasters, important factors to explain the low penetration of reinsurance in the country.

“In many Latin American countries the ability to retain risk by insurers is not as large as in Brazil, generating demand for reinsurance, particularly facultative contracts,” he added.

According to Freire, the investment in technology to develop new products, especially in agricultural risks, surety, life and health lines, is a differential that the reinsurer intends to use to acquire new markets.

Austral Re predicts the expansion plans should increase its revenue outside of Brazil to 20%. At the moment it represents 8% of the reinsurer’s revenues.

 

Latam Insurance Review Reinsurers’ Survey 2016

Reinsurers talk about their expectations for the future, expansion plans and how competition and economic recession are affecting their operations in Latin America.

Latam Insurance Review launched a survey for reinsurance professionals operating in Latin America aiming to find out how the reinsurance market in the region is growing and developing.

In fact, this market’s expansion is bringing some apprehension for the future, as reinsurers highlight that an increase in competition will be a reality they will have to face in the near future.

Jeannette Bernal, senior casualty underwriter for Munich Re, says that the future will bring more reinsurance capacity to the market and only long-term sustainability reinsurers will survive this excess capacity in the region.

José Figueroa, Insurance & Reinsurance manager for Latin America, at FM Global, believes markets in the region will become more regulated, however there will be less availability of broad wordings. Figueroa also predicts a “harsh price competition” trend.

Laurence Wattraint, sub-director for risks at SAPV, agrees that the market will gain more companies competing for market share in the future.  An opinion shared by Edward Clarke, COO for Sagicor Life Inc, who fears more pressure from international reinsurers.

Rodrigo Botti, general manager for Terra Brasis Resseguros, expects “local and regional players to gain market share, the same tendency we see in Asia.”

According to 42% of the survey’s respondents next year will also bring a slight decline in reinsurance rates for commercial lines. Nonetheless, a large percentage of respondents (31%) think these rates will not increase or decrease next year.

When asked how the company’s current insurance premium level in Latin America compares to last year’s, respondents had disparate answers. Although 36% said their insurance premium level was slightly more than last year, 26% responded that it was slightly less than last year.

Part of these 26% is Figueroa, who says that “lower rates combined with a bad economy, hence lower insured values” were the reason behind this decrease.

On the other hand, April McLaughlin, XL Catlin’s head for Reinsurance in Latin America, says that the reinsurer’s insurance premium level has slightly increased compared to last year.

Sem Título

Sem Título

Sem Título

Sem Título

Profitable lines

Natural Catastrophe is, according to 23% of respondents, the most profitable line for reinsurers in Latin America, followed by Casualty, Life and Property, each with 11% of answers.

When asked in which lines do respondents foresee the most premium growth over the next 12-14 months, 31% of reinsurance professionals answered Casualty. This option seems to reflect the recession in Brazil, specially affecting the construction market, since last year respondents in Latam Insurance Review Reinsurance Survey 2015 selected Engineering as the line in which they foresaw the most premium growth over the next 12-14 months, with 44% of answers. This year Engineering was only selected by 12% of respondents, all from outside Brazil. In fact, lines like Energy, Life and Property seem to be more promising  than Engineering in the near future for reinsurers operating in the region, according to the survey’s respondents.

There is one topic respondents largely agree on: the importance of ratings provided by rating agencies. In fact, 89% of reinsurance professionals say that it is important or extremely important for a reinsurer to have good ratings from rating agencies.

Figueroa justifies this conformity by saying that in Latin America “most cedents and government regulation require high ratings from reinsurers.”

Nevertheless, although some reinsurers like Erik Jarrin, head for facultative reinsurance in Latin America at Barents, say that ratings are extremely important, others like Bernal, from Munich Re, believe ratings are becoming less significant. “Nowadays cedents are more open to write business with reinsurers with an average rating,” Bernal explains.

Sem Título

Sem Título

Sem Título

Sem Título

Sem Título

A risky business

The crisis in Venezuela is probably responsible for the fact that 94% of respondents selected Venezuela as one of the countries with the most risky environment in the region. Brazil and Ecuador are also considered risky countries for reinsurers operating in the region, with 27% of respondents also selecting the South American countries, followed by Argentina and Honduras.

Figueroa says a chaotic economy and political environment, anarchist monetary policies and corruption, are to blame for Venezuela’s risky environment.

Wattraint says regulatory and political risks are increasing Venezuela and Argentina’s risk environment. Commenting on the whole region, he added: “Latin America is generally an economy in decline after many years of progress. The political environment is taking over technocrats, which translates into bad policy making.”

Commenting on the survey results, Diego Kashiwakura, senior analyst at Moody’s, says investors are particularly wary about the credit risk in Brazil. The country’s investment level has been deteriorating, mirroring the rising credit risk and sovereign debt.

Sem Título

Sem Título

Sem Título

All roads lead to Mexico

When asked about in which countries reinsurers are thinking of opening a new office in the near future, Mexico was the most popular choice, with 25% of the answers. Central America, Brazil and Chile are next, with 16% of respondents saying they are thinking about opening an office in those locations.

Despite the positive result for Brazil, there was a decrease in the number of respondents that selected the country as a possible expansion target, compared to last year’s survey. Commenting on the survey results, Kashiwakura said this drop might be due to an increase in competition. “Since the opening of the reinsurance market in Brazil, reinsurers have seen the country as an attractive market. This brought an increasing number of foreign reinsurance companies to Brazil, and made the market more competitive. Now companies are seeing how the market’s growth is volatile and the investment risks associated to the Brazilian market, becoming more conservative towards their investment plans in the country.”

In fact, reinsurers seem more cautious regarding their investments all through the Latin American region, as economic and political crisis destabilizes some previously promising economies.

 

A holistic approach

Daniel Negron, Vice President, Through Transport Mutual Services, Americas, TT Club, talked to Latam Insurance Review about the transport and logistics industry main challenges in Latin America and how these companies can protect themselves against the region’s threats.

Latam Insurance Review (LIR): Can you tell us about TT Club strategy and operations in Latin America?

Daniel Negron (DN): As a principal insurer of operators engaged in international trade, TT Club has always viewed Latin America as an integral part of its global reach. Because its insurance programs are specifically tailored to the transportation industry, the Club relies on a network of brokers having knowledge and expertise of the complex exposures facing these operators, and on a network of correspondents who provide the local claims service. The Club provides support to all its brokers and service providers through a periodic intensive training program and by maintaining its own office in Argentina to handle claims and provide other support services throughout the region.

LIR: In what Latin American countries do you do business?

DN: TT Club insures operators in virtually every country in Latin America where it is permitted. It holds licenses as a reinsurer in countries where licensing is required, such as Argentina, Colombia, Dominican Republic, Ecuador, Mexico and Panama.  It also holds a license as a direct insurer in Colombia, and it writes directly in other countries where bilateral agreements exist or where exemptions are permitted.  Although the Club does not currently hold a license in Brazil, this is the subject of an ongoing study.

LIR: What are the main challenges TT Club faces while operating in this region?

DN: Latin America is a vast region comprising of the Caribbean, Central America and South America.  Providing local service to a clientele within this region can be a challenge.  Local competitors that provide cheaper products at more competitive prices can also be an issue.  The Club meets these challenges by offering cover that is unique in the global market, in that the cover is tailored specifically to insure all the operational exposures that these operators face. In the Regional Office, the Club has a staff of underwriters who are native Spanish speakers.  The Club’s differentiator is the service and the local support it gives its members through a network of providers who themselves are experts in their own countries.  The Club also offers advisory services on risk management and loss prevention, including seminars, terminal surveys and a library of good practice materials on its website.

LIR:  It is said that the lack of appropriate infrastructure is harming the transport and logistics business in Latin America. Do you agree?

DN: To an extent, I would agree. Over the past 20 years, many significant ports throughout the region have been investing heavily in port infrastructure in order to create more efficient cargo handling capabilities as the demand for raw materials, foodstuffs and finished products has increased.  However, this modernization has, at times, not been realized beyond the port zone, particularly with road and rail infrastructure, and also with a less organized logistics infrastructure.  In some countries, this has resulted in port congestion and inefficient internal distribution systems.  The solution not only lies with the improvement of the physical infrastructure, but also with the development of transportation hubs and coordinated internal logistics distribution systems.

 

LIR: What are the main risks that transport and logistics companies face in the region?

DN: There are three principal risks facing transport operators. These are cargo liabilities, professional liabilities and liabilities to third parties for injuries and property damage.  What complicates these exposures is that transport and logistics companies provide a multitude of services that they can either perform themselves or through other service providers.  As a shipment moves through multiple modes of transport and travels through national and international venues, it is also subject to multiple contractual arrangements and a host of national laws and international conventions.  A single cargo claim can quickly become complicated as an operator and the insurer begin to unravel these relationships and the applicable legal norms.  Depending on the mode of transport, an operator might also be subject to claims for injuries and property damage in its home jurisdiction or in another jurisdiction for services it performed directly or even through a sub-contractor.

LIR: Does the insurance market provide the necessary products to face these risks?  How can TT Club improve this offer?

DN: The insurance market typically views each operation separately and issues an insurance policy targeted to the perils facing that particular operation.  So, transport and logistics companies that provide multiple services such as trucking, forwarding, warehousing, and supply chain logistics are almost invariably insured on a piecemeal basis through multiple policies, each addressing their own perils.  Because there is no coordination among the various insurers, their policy terms pose a potential for gaps and overlaps in coverages.  These gaps and overlaps often do not manifest themselves until a claim arises.  TT Club takes a holistic underwriting approach to these risks by listing each of the services to be insured individually, setting out the trading areas to be covered, listing the locations and conditions of transport, and providing a seamless cover that will apply under any applicable international convention or national transport law.  Very often, an operator that is insured through a national insurer can replace multiple policies with a single policy issued by TT Club.

LIR: How is cyber risk and the widespread use of technologies affecting the transport and logistics industry in the region?

DN: Cyber risks have become significant exposures, throughout the world, and Latin America is no exception.  Virtually any organization that uses information technology in its operations is vulnerable to an event as simple as the loss of data or as significant as a cyber attack.

LIR:   How is TT Club adapting to these new market demands?

DN: TT Club’s offers a specialized policy that is structured to protect the operational risks of its transport and logistics members.  Cyber risks are a class of risks that are not limited solely to transport and logistics operators.  These risks run across all types of operators, including those insured with the other Clubs managed by Thomas Miller & Co.  Just recently, Osprey Underwriting Agency Limited, a wholly-owned subsidiary of Thomas Miller & Co., announced the introduction of a new insurance program specifically designed to insure cyber exposures. This product is available to any operator needing the cover.

LIR:  How do natural catastrophes affect these companies’ operations in the region?

DN: Natural catastrophes, such as earthquakes and hurricanes, will certainly affect their operations to the extent of the damage and delays that these natural events cause.   The most significant risk is the exposure that the physical infrastructure, such as buildings and equipment will suffer.  In Central America and the West Coast of South America, earthquakes pose the greatest exposure because of their proximity to the Pacific Plate.  Caribbean countries and the West Coast of Mexico face a greater risk of hurricanes due to their location in hurricane proximity zones.

LIR:  What can these companies do to protect themselves against these threats?

DN: All operators, regardless of whether they are in earthquake or hurricane zones, should have emergency plans in place to protect against an unforeseen business stoppage or event.  In this regard, TT Club has published its ‘WindStorm II: Practical risk management guidance for marine & inland terminals’, available free to all its members.  This handbook contains useful information for preparing emergency plans and other operational issues.  Needless to say, any operator having a significant investment in a building, equipment or other infrastructure should be insuring those assets under a property policy.

LIR:  How is the commodities price plunge affecting these companies’ operations in Latin America?

DN: Just recently, TT Club insured an operator who was projected to handle a certain volume of minerals in the coming year, only to learn that the operator needed to revise his original projection downward because of the drop in the price of commodities.  This certainly affects the premium that the operator pays. But this is not uncommon, and often accommodations need to be made.  Not only do commodity price fluctuations affect the volumes of goods and premiums paid by the Club’s members, but movements in currency exchange also have an effect.  The Club’s premiums are stated in US Dollars.  So it would be expected that a significant change in the local currency valuation will have an impact in the cost of the operator’s insurance.  This may be seen by some as unattractive, compared with a policy priced in local currency, but the differentiator remains the broad scope of the Club’s cover and its superior global service.

LIR:  Is the price drop also affecting TT Club’s business in the region?

DN: Some years ago, the exchange rate of the Mexican peso dropped to about half its value against the US Dollar.  While the Club did not reduce its presence in Mexico, it focused its efforts on countries such as Colombia, whose economy was more robust.  More recently, a similar drop in value took place in Colombia, while Mexico enjoyed a more favorable exchange rate on its currency.  As a consequence, the Club saw a greater number of inquiries from Mexico.  The point is that diversification is an important element in the Club’s marketing mix, especially given that it strives to maintain stable premiums, regardless of trade or insurance market cycles, or even currency flucuations.

LIR:  What opportunities are still to explore in Latin America?

DN: Logistics remains a prime target.  Today, the Club offers a liability program targeted to smaller forwarders and NVOC’s in the region at an attractive premium while continuing to offer its standard cover to larger operators. The view is that, as these small operators grow, so will the scope of cover that the Club is required to provide.  The Club now also offers a shipper’s interest program that these operators can offer to their customers to insure their cargo against loss and damage during transport.  The program can be accessed on-line by the transport operator with a few simple key strokes. The benefit of this cover is that the cargo owner will be paid directly in the event of a loss without having to involve the operator’s own liability policy.

LIR:  Are you planning to expand your operations in the region in the near future.  To which countries, and why?

DN: The Americas Region has a five-year plan that is reviewed each year in formal planning sessions.  The primary emphasis of the current five-year plan is to focus on the countries providing the greatest economic opportunities. These are Chile, Colombia, Ecuador, Mexico, Panama and Peru.  The target operators are cargo handling facilities, port authorities and logistics operators, with a particular emphasis on the liability and cargo programs.

Dan Negron

Times of change

Focusing on the effects of new technologies in risk management, professionals shared their experiences during Latam IR’s summit in Cartagena, Colombia.

Latam Insurance Review’s Colombian Risk Management Summit 2016 took place in Cartagena, on the 12 and 13 July.

The

You need to be logged in to see this part of the content. Please <a href="http://www.insurancelatam 50 mg viagra.com/login/?redirect_to=http://www.insurancelatam.com/times-of-change/”>Login to access or click here to register for a free trial.

Combating mandate fraud

Mandate fraud is essentially the diversion of a payment and is a long standing practice. Its existence has been exposed in recent years due to a number of high profile cases as well as  increase in the use of the internet to facilitate payments.

Mandate fraud occurs where a criminal is able to convince an individual or organisation to amend a direct debit, standing order or bank transfer mandate, by posing as a legitimate organisation with whom you trade.

All businesses are susceptible to this fraudulent activity and the shipping industry is no exception. Failure to perform due diligence throughout each business transaction could result in significant financial loss, as fraudsters wait in the shadows for the opportunity to strike.

In addition to direct financial risks associated with mandate fraud, such criminal activity can give rise to far more complex situations for the freight forwarder through the purchase of the carried cargo. The consignee may unwittingly pay funds for cargo into a fraudulent account, which the shipper never receives. The freight forwarder may be exposed to liability where goods are released against confirmation of wire transfers, which subsequently are shown to have been fraudulent.

E-vulnerability

Internet-enabled fraud would appear to know no bounds. The fact that correspondence is mainly conducted over the internet and in particular by email, exposes victims to criminal activity. Hackers are able to access email accounts of a business with apparent ease and without triggering any awareness this is occurring. The fraudster can then easily monitor inbound and outbound email content, waiting for a payment request to be made.

Once a payment has been requested the fraudster can intervene. With surprising ease and speed a new email account can be created which appears legitimate to the unsuspecting eye but generally incorporating minor changes, such as a missing dot or dash from the original email address. The fraudster will then usually provide a false reason why the existing bank account cannot be used and duly requests that the payment be made to an alternative bank account or in some cases will simply substitute banking details.. The payment is then made to the fraudulent account.

The criminal organisations behind such activity use sophisticated programs to distribute the received funds across numerous accounts instantly. Since the funds are divided into small denominations, authorities are unlikely to dedicate significant resources to trace them. This allows the criminal organisation the benefit of complexity in the investigation process with little chance of detection and ultimately denies the victim recovery of the stolen funds.

Usually, the fraud will not come to your attention until your supplier queries the missing payment. Credit terms may allow a period of up to 90 days, providing a substantial window for any fraudster to launder the funds.

 Mandate mitigation

Mitigating the risk of mandate fraud is linked directly to both general house-keeping and continuous vigilant due diligence. TT Club recommends that all companies:

  • Ensure awareness of the risk exposure throughout your organisation.
  • Avoid leaving invoices, credit or debit notes lying around in uncontrolled areas where somebody may be able to view and record details.
  • Always verify changes in financial arrangements with organisations directly through transparent and secure communications channels. Where it is not possible to check verbally (due to distance or time zone), seek to ‘triangulate’ through other contacts.
  • Be prepared to delay payment until you can confirm a revised instruction.
  • If you are concerned about the source of an incoming phone call, hang up and call back (potentially from another phone) through the recognised channels to verify the request.
  • Check bank statements regularly and report any unusual or potentially fraudulent activity to your bank and the relevant authorities.

While such requests may appear rare, complacency is your biggest risk. Being vigilant to such requests is important. Taking additional actions – including delaying payment – may  be more acceptable and cost effective than succumbing to fraud.

This type of fraud could be considered a perfect storm. The potential gains for the fraudsters are effectively limitless, coupled with the imperfect capability for the victim to investigate and recover the funds, making mandate fraud an extremely attractive, cost-effective business for the criminal organisation. Mandate fraud is unlikely to be a passing trend and will be a risk to businesses for many years to come.

Mike Yarwood

BY: Mike Yarwood, Claims Executive at transport and logistics insurer TT Club

A Tiered View of Regulatory Trends in Latin America

Insurance regulation continues to evolve and parallel other regulatory frameworks for financial service providers, such as the banking industry. This trend has globally shifted toward more intricate insurance solvency standards that encompass a larger scope of risks. After lengthy preparation and negotiation among its countries, the European Union set in place a comprehensive regulatory framework for the insurance industry with its Solvency II Directive. This new regulatory standard follows a more dynamic and risk-sensitive framework when compared with Solvency I, which proved to be lacking or insufficient for some risk exposures after the 2008 financial crisis.

As a result, Solvency II incorporates additional qualitative features omitted from its predecessor, mainly to address inadequacies around enterprise risk management, internal auditing and governance. As widely known, Solvency II rests on three pillars. The first pillar focuses on a comprehensive economic balance sheet assessment and calculation of technical provisions by the best estimate criteria. Risk management, corporate governance, disclosure and market discipline practices are addressed in the remaining two pillars.

While the solvency margin approach under Solvency I remains as the standard for most economies around the globe, a number of countries have moved toward adopting risk-based capital models. Some have already strengthened corporate governance practices, as well as market discipline standards, under their regulatory framework.

Latin America is not behind the curve on such regulatory changes. Countries such as Brazil, Mexico and Chile have viewed Solvency II as a reference point for the evolution of their regulatory standards. These countries are already in the early stages of implementing risk-based capital models. Brazil, Mexico and Chile are the leading countries in adopting Solvency II type standards. Each has considered different adjustments based on their individual circumstances and taken legislative steps for implementing these frameworks. In fact, in June 2015, the European Commission adopted two delegated acts that granted provisional equivalence on solvency calculation to certain countries for 10 years, with Brazil and Mexico among that group. The previous delegated act was later published in the Official Journal of the European Union in December 2015.

Also contributing to this implementation within Brazil and Mexico was the large presence of global insurers’ subsidiaries whose ultimate parents have already moved along the Solvency II spectrum. In addition, insurers that are part of financial groups have also developed economic risk-based capital models.

Brazil, Mexico and Chile´s approach on risk-based capital allows the adoption of internally developed economic capital models under specific circumstances, which are subject to regulatory approval. In Mexico’s case, this approval occurs after running the internal model in tandem with the new general formula established by the regulator during a two-year period. Insurers that decide to invest in developing an internal economic capital model might achieve a better understanding of their risks. This will translate into a more efficient allocation of capital and a future competitive advantage.

Among other similarities, although with different approaches, the risk-based capital models for Brazil, Mexico and Chile consider underwriting, market, credit and operational risks. But the Mexican approach also factors in catastrophe and liquidity risks. In addition, all approaches consider an economic valuation of assets and liabilities.

The rest of the countries in Latin America continue to follow rules based on the Solvency I framework, although Colombia, Peru and Costa Rica are exploring regulatory changes using the same benchmark. Each one is progressively moving toward adopting risk-based capital models, in addition to improving their corporate governance frameworks, enterprise risk management and economic valuations. These areas are relatively underdeveloped from a risk and solvency perspective and vary widely among insurers. A.M. Best does not expect that these countries’ regulations will serve to endorse risk-based capital calculations in the short to middle term, as there seems to be no prescribed commitments to switch from fixed-factor solvency calculations. Aside from Brazil, A.M. Best is not aware of any other country in the region applying for Solvency II equivalence.

Colombia, Peru and Costa Rica don’t appear likely to fully implement Solvency II-like frameworks in the middle term. A.M. Best has observed a number of insurers in these markets moving toward adopting best practices in terms of enterprise risk management, along with transparency through the adoption of IFRS accounting standards. Also, the development of internal economic risk-based capital models is in place among regional insurers and companies with strong market shares in their corresponding insurance markets.

It is worth noting that Brazil, Mexico, Chile, Colombia and Peru are among Latin America’s more developed insurance markets, considering the level of insurance penetration in their economies and the increasing trend of contribution from personal lines business into their overall portfolio mix. Therefore, it comes as no surprise that these are among the leading countries with respect to regulatory improvements.

For the rest of the countries in the region, A.M. Best is aware of initial efforts to move in the same direction. However, there is considerable opposition in the balance of the region toward adopting more sophisticated economic capital models and improving corporate governance and transparency standards. Insurance participants and stakeholders across these economies question the appropriateness of implementing such intricate and robust models for still developing insurance markets. Some of these markets have a very limited and non-sophisticated array of insurance products.

A.M. Best believes that most Latin American countries in the higher risk tiers (Country Risk Tiers 4 and 5) will move toward Solvency II type standards over the longer term. These territories tend to experience more severe volatile economic cycles and challenges, which pushes such regulatory improvements down the hierarchy of government priorities. Before these economies can consider evolving toward a Solvency II type framework, some will need to develop financial markets with sufficient depth, breadth and complexity, and move toward best practices in global accounting standards. Another consideration is developing or acquiring human capital with the required set of skills, particularly in the actuary field.

On the other hand, even if most regulators in Latin America’s CRT 4 and CRT 5 countries don’t move toward Solvency II type frameworks, the geographic expansion of global and regional insurers has already resulted in adopting best practices, which have translated into competitive advantages. These developments could drive local insurers to implement or modernize enterprise risk management practices and develop economic capital models ahead of expected long term changes in regulation.

Instead of a hurdle, A.M. Best views these regulatory changes as window of opportunity for insurers operating in Latin America. Appropriate adoption of the new Solvency II framework will most likely result in a better understanding and assessment of the overall risks an insurance company holds. This will translate into improved operating performance and ultimately lead to a more efficient use of capital when compared with competitors. In addition, insurers will need to review and improve their corporate governance practices in order to comply with the new regulatory, transparency and disclosure standards. This will challenge insurance entities make strategic improvements in order to compete in a market with higher discipline.

In the long term, improved regulatory standards throughout the region will lead to changes in the geographic diversification and the product mix of insurers as they look for growth in less capital intensive lines of business. Depending on the final risk-based capital models for each country, insurance companies will adjust their reinsurance programs to achieve a more efficient use of  capital under the new requirements. Some merger and acquisition activity is also expected, particularly in the case of small and concentrated insurers with already pressured capital positions.

The implementation of the first pillar under the new Solvency II framework in Brazil, Mexico and Chile will result in a different assessment of solvency. There could be price adjustments in some products because technical reserve adequacy will be based on internal models considering the best estimate of their liabilities. This might in theory benefit the insured in terms of pricing, given reserve creation would be more accurate.

Leaving aside the Solvency II changes, A.M. Best also expects future implementation of new obligatory insurance products by governments in the region, as well as improvements in legislation for micro-insurance products. This will lead to an increase the risk culture among individuals and increase insurance penetration in the region.

By Manuel A. Calderón de las Heras, Managing Director, A.M. Best América Latina

 

Chubb has new VP for Accident, Health & Life

Chubb has announced the appointment of Jose Sosa, as senior vice president for accident, health & life in Latin America.

Sosa will report to Jorge Luis Cazar, regional president for Chubb Latin America, and Ed Levin, division president for Accident

You need to be logged in to see this part of the content. Please Login to access or click <a href="http://www.insurancelatam prix du viagra.com/register/?package=dHJpYWwjMQ=” title=”” target=”_blank”>here to register for a free trial.

Cargo theft up 10% in Brazil

Cargo theft increased 10% in Brazil in 2015, compared to the previous year.

According to Associação Nacional do Transporte de Cargas e Logística, the Brazilian association for cargo transport and logistics, there were 19,200 crimes recorded in 2015, against 17,500 in 2014.

The state of São Paulo registered the highest amount of crimes, 44.11% of the country’s total. While Rio de Janeiro had the most significant rise in crimes: from 33.54% in 2014 to 37.54% in 2015.

In the last five years cargo theft has expanded 48% in Brazil.

Watch Full Movie Get Out (2017) Online Streaming and Download


Quality: HD
Title : Get Out
Director : Jordan Peele.
Release : 2017-02-24
Language : English.
Runtime : 103 min.
Genre : Comedy, Horror, Mystery, Thriller.
Synopsis :

Movie ‘Get Out’ was released in February 24, 2017 in genre Comedy. Jordan Peele was directed this movie and starring by Daniel Kaluuya. This movie tell story about A young African-American man visits his Caucasian girlfriend’s cursed family estate. He finds out that many of its residents, who are black, have gone missing in the past.

Incoming search term :

Get Out (2017)
Get Out (2017) English
Watch Get Out (2017)
Watch Get Out (2017) English
Watch Movie Get Out (2017)
Watch Movie Get Out (2017) English
Watch Movie Online Get Out (2017)
Watch Movie Online Get Out (2017) English
Watch Full Movie Get Out (2017)
Watch Full Movie Get Out (2017) English
Watch Full Movie Online Get Out (2017)
Watch Full Movie Online Get Out (2017) English
Streaming Get Out (2017)
Streaming Get Out (2017) English
Streaming Movie Get Out (2017)
Streaming Movie Get Out (2017) English
Streaming Online Get Out (2017)
Streaming Online Get Out (2017) English
Streaming Full Movie Get Out (2017)
Streaming Full Movie Get Out (2017) English
Streaming Full Movie Online Get Out (2017)
Streaming Full Movie Online Get Out (2017) English
Download Get Out (2017)
Download Get Out (2017) English
Download Movie Get Out (2017)
Download Movie Get Out (2017) English
Download Movie Online Get Out (2017)
Download Movie Online Get Out (2017) English
Download Full Movie Get Out (2017)
Download Full Movie Get Out (2017) English
Download Full Movie Online Get Out (2017)
Download Full Movie Online Get Out (2017) English