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Like the rest of Latin America, the Brazilian economy has struggled in the face of the global economic downturn. This overall stagnation has negatively impacted the Brazilian insurance market, reducing the predicted industry growth rate to 4.9% for 2009 from the average 13% growth experienced annually between 2003 and 2008.

At 1:21 p.m. local time on January 8, 2008, an earthquake measuring 6.2 on the Richter scale occurred in the Central American country of Costa Rica. It left 18 people dead, 40 missing and hundreds injured.

Brazil's insurance regulator, the Superintendency of Private Insurance, recently issued regulations establishing that cessions to occasional reinsurers by Brazilian insurers may not exceed 10% of the total premiums ceded to reinsurers.

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.

Although all of the Latin American jurisdictions had notable regulatory and market developments in 2008, Brazil stands out as particularly significant given the size of the market involved and the fundamental nature of the developments seen there in the past year.

The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile's Code of Commerce.

Two companion decisions by the state's highest court held that, in addition to recovering policy proceeds, policyholders may recover consequential damages resulting from an insurer's breach of a policy, at least in certain circumstances where the insurer is found to have breached its duty of good faith and fair dealing and the damages were foreseeable and quantifiable.

In the last year, the overall Latin American insurance market has continued to experience robust growth, estimated at 7.4% by Fundacion Mapfre for the first half of 2009 over the first half of 2008.