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Market Report: Latin America - Latin American markets moving forward.
(From Reinsurance)
Colombian premium income shows growth
The Colombian market premium in 2004 was 6.2bn pesos ($2.6bn), 5.8% more than in 2003, reported the Colombian Department of Insurance. Non-life business grew by 3.5% to 3.8bn pesos and life business increased by 9.7% to 2.3bn pesos. Overheads also rose by 10.4% to 1.4bn pesos, while total assets increased by 14.6%, reaching 10.9bn pesos. One of the main problems to be faced in 2005, said a market source, will be the negotiation of a free-trade agreement with the USA, especially regarding the cross-border sale of insurance. Suramericana led the life market with 590.6 pesos in premium income, with Liberty Seguros toppng the non-life segment with 432.5m pesos.
Argentinian market grew in 2004
According to an interim report on the fiscal year 2003/2004 released by Argentina's Department of Insurance (SSN), premium income in Argentina grew by 16.5% to 12.35bn pesos ($4.25bn), of which was in 69.3% in non-life business, 19.2% in life and 11.5% in retirement. Motor insurance showed the highest growth with 4%.
Argentina's courts accept extra insurance for labour accidents
Argentinian labour judge, Delia Ruiz, accepted a claim filed by the Bakers' Association of Buenos Aires to hire additional insurance to cover labour accidents without the cover limitations imposed by Labour Risks Insurers (ART). The decision was made after the Supreme Court of Justice ordered the elimination of compensation limits for labour accidents, one of the corner stones of the labour legislation introduced in the mid-1990s. Meanwhile, the government is preparing a comprehensive reform for the current system of labour insurance as an answer to the controvert ruling issued by the Supreme Court of Justice on labour accidents. Not only will the compensation limits be increased, but the civil procedure will also be reintroduced. The bill will be released to the public by the end of this February after labour minister Carlos Tomada's meeting with the sectors involved in the issue.
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