Photos from last Insurance Miami Meeting: Legal climate in Latam; Reinsurance pricing/capacity by Arturo Falcón

Arturo Falcón, Chief underwriting officer LATAM Barents RE  spoke about the legal climate and trends in Argentina, Brazil, Chile, Colombia, Mexico and Puerto Rico.

During the seminar, Arturo highlighted that “Puerto Rico Supreme Court doctrine applies in tort cases to the effect that the term for exercising a cause of action starts to run when the affected individual knows of the injury/damages; the identity of the individual/entity who caused the damage; the necessary elements for exercising such a cause of action; and is also physically and mentally able to do so.”

He also explained that “Mexico is one of the least litigious jurisdictions in the region” and “The demand for liability insurance remains limited except in a small number of specific cases.”

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Arturo Falcón, Chief underwriting officer LATAM Barents RE

 

When talking about Puerto Rico, Mr. Falcón explained “Puerto Rico has a strong legal framework and is relatively litigious compared to the majority of jurisdictions in Latin America and the Caribbean.”

Speaking about Argentina, Arturo mentioned that “A concern for the insurance industry is the sharp increase in the number of civil actions taken against insurers and the behavior of the courts [however] the Court Awards, although doubled in the past five years, are still modest by Western standards.”

About Brazil “Some claims that have been on the rise include loss of office, sexual discrimination, product liability, D&O lawsuits, and occupational disease-related activity.”

Chile  “Claims that have been on the rise include loss of office, sexual discrimination, product liability, D&O lawsuits, and occupational disease-related activity. The provision of a safe working environment is becoming a strict liability as the employer is usually condemned irrespective of negligence. 

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Arturo Falcón, Chief underwriting officer LATAM Barents RE

 

 “This phenomenon is part of a general trend in Chile towards the need to hold someone accountable whenever loss or damage occurs. For example, Stones being thrown at vehicles and causing accident and injury.  Although the perpetrator was known, the concessionaire of the motorway was held responsible for failing to provide a safe environment. “

Colombia: “It is rare for claims to go to court in view of the cost and likely delays of up to seven years.”   “Centro de Conciliacion” As long as both parties to a dispute agree, a case may be presented to a conciliator as an alternative to going to court.  It is quicker and cheaper. Decision is binding and not subject to appeal. 

The audience actively participated adding different perspectives and experiences.

Special note from the sponsor Mind Fuel School 

Mind Fuel Laguage SchoolTuesday night’s Insurance Professionals Miami event at Novecento was a total success! Congratulations to Mr. Nelson Hernandez for winning the Mind Fuel School Language Raffle.  Mr. Hernandez has won five hours of free private language instruction.  I am sure that he is going to love learning German with one of our experienced instructors.

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Nelson Hernandez from Swiss Re and Peggy Classe from Mind Fuel School

 

We would like to remind the event attendees that you will receive 15% off of your full tuition if you enroll in a language course or on any of our translation services if you register/book before the 31st of March.  Please call for a free consultation – 786.356.2679.

All of us at Mind Fuel School  would like to thank Kennedys for inviting us to sponsor their March event and a special thanks to Mr. David Roig for organizing everything.  We look forward to seeing you all again soon!

 Kind regards,

Peggy Classe

Director Mind Fuel School 

 235 Lincoln Road Suite 200 Miami Beach, FL 33139  786-356-2679

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About Insurance Professionals Miami

Insurance Professionals Meetings in Miami is an insurance and reinsurance forum useful for professionals of the insurance sector and to share experiences, knowledge and expertise.
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