Lloyd’s CEO Inga Beale and Head of Latin America Daniel Revilla kicked off our first ever Latin America-focused Meet the Market on 15 February. The event, which took place in Miami, was attended by over 300 people. Brokers, coverholders and representatives from 17 managing agents travelled from all over the Latin American region to attend and were excited to see such a strong presence from both the Lloyd’s Corporation, as well as the Lloyd’s market.
Inga set the tone for the afternoon with her opening speech which highlighted the tremendous opportunity for growth in the region. Latin America’s GDP of $7.4 trillion already accounts for about 8.5% of global GDP, and by 2017 its real GDP growth rate is expected to surpass that of all other regions except the Middle East and North Africa. Despite this economic growth, the region has one of the lowest levels of insurance penetration in the world; non-life insurance penetration in Latin America is just 1.8%.
Inga also stressed the importance of Lloyd’s presence on the ground in Latin America. Country Managers Marco Castro (Brazil), Juan Carlos Realphe (Colombia) and Daniel Revilla (Mexico) were on hand to help brokers navigate the Lloyd’s market and understand the regulatory landscape in specific countries. Attendees also appreciated the presence of Lloyd’s Market Intelligence Manger David Franco, who was able to shed light on the data which affords us a better understanding of the benefits of locating in country.
As the event concluded, one thing was clear. The power of the participants in the Lloyd’s market when we all work together is unrivalled, and together we can realise enormous potential in Latin America.
Find out more about our work in Latin America:
Also at Meet the Market
Lloyd’s Charities Trust partner charity Build Change also hosted a box at the event to inform and engage companies about the work we are doing to help families living in informal settlements in Colombia and the Philippines increase their resilience to natural disasters, such as typhoons and earthquakes, by enabling them to retrofit (structurally strengthen) their existing homes. Over the next three years, over 900 homes in Medellin and Metro Manila will be retrofitted, whilst building local capacity to help with the long-term goal of improving 600,000 homes. More than 1,000 builders will be trained and over 1,000 jobs will be created through these projects.
Find out more about the Lloyd's Charities Trust