Many businesses from different sectors and industries around the world have been affected by the crisis caused by the pandemic. Businesses have been forced to close, and there is a heightened risk of bankruptcy.
These businesses have insured its risks to be protected or to recover in case of a loss, but what happens then when the insured files for bankruptcy? What rights does the insurance company have? What if it is the insurance company who becomes insolvent and files for bankruptcy? How would it affect the insured? What is the impact on reinsurers?
These and other questions related to Spain and Latin America are answered on this chart where we give a brief overview on such issues.
Alex Guillamont, Head of Latin America and Caribbean, Kennedys (Miami hub office); Radoslav Depolo, Partner, Kennedys (Chile office); Isidoro Ugena, Partner, Kennedys (Spain office)