Major Insurance and Reinsurance Developments in 2008

Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Chile stands out as particularly significant given the size of the market involved.

A Mature Market Flirts with Further Modernization, Taxation

By most measures, Chile is considered the third largest insurance market in Latin America. It is widely considered to have the most favorable economic and political environment in the region, but these advantages are significantly counterbalanced by the advanced development of the country's insurance market, as reflected by the region's highest insurance penetration rate. As one of the most open insurance markets in Latin America, Chile's most significant developments this year were in areas reminiscent of many of the major markets: modernization and taxation.