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The 8th edition of The Insurance and Reinsurance Law Review
We are delighted to announce that the 8th edition of The Insurance and Reinsurance Law Review was recently published. With the contribution of our Partner Yves Hayaux-du-Tilly.
Up until June of this year, the insurance market M&A market was active. After a brief pause, we start to see activity resuming and expect to continue seeing further consolidation, growth or a combination of both in the current market players in Mexico. In particular, we expect health insurance to be a key driver of growth in the insurance industry in the years to come.
We have been leading the Mexican market working with reinsurance and insurance companies as well as brokers in developing parametric insurance products for catastrophic risks…
We are pleased that the regulators have taken a flexible approach to parametric products. It is a matter of time for parametric insurance to replace traditional P&C in catastrophic risks. The pace for this change will be determined by the education of both, consumers and regulators on these type of products.
“While it is a priority for regulators to protect customers and expand insurance protection to the general population, there will be also more intervention of the state in the development of insurance solutions and risk management mechanisms to ensure protection of vulnerable groups, and proper management of catastrophic risks by federal and state governments and state-owned companies.”
“Insurance can be a key instrument for social development. In this sense, innovation and customer protection must be a priority for regulators and the market as a whole.”
“The regulators are aware of the potential of insuetech to give access to vulnerable groups to the benefits of insurance products. Unfortunately, the regulatory regime in effect has become a hurdle rather than an incentive for the development of insurtech products and projects…”
Regulation must not be immune to certain degree of reasonable risk in order to allow new and innovative technology to flourish. For the continuing development of the insurance sector, the regulator must acknowledge and embrace new technologies and understand the uncertain nature of start-ups. In times characterized by overregulation, broad-mindedness is a challenge.
Please download the complete document here: The Insurance and Reinsurance Law Review – 8th Edition