FERMA Forum panel: Latin America lagging behind Europe

At the recent panel discussion titled “Risk Management Across Diverse Geographies – Risk Management in Latin America,” industry leaders explored key challenges and strategies for risk management in the region for the benefit of attendees at the FERMA Forum 2024.

Moderated by Mario Ramirez of Exolum, the panel featured Latin American experts Juan Aznar from HDI Global SE, Alexander Waintrub Fischer of LATAM Airlines, José Manuel Fonseca from MDS Group, Tomasso Giuseppe Mascarucci from Eco Petrol, and Alejandro Reyes from Sigdo Koppers. 

The panel highlighted the complexity of balancing risk management and compliance, a growing challenge for risk managers in Latin America. With emerging technologies like AI, the generational gap in the market is also becoming more apparent, particularly in how AI is integrated into insurance coverage. 

Contract certainty and consistent coverage are critical for managing risks in a region like Latin America, where natural catastrophes, security concerns, and inequality are prevalent—especially in countries like Brazil. Mining plays a significant role in Chile and other Latin American countries, adding another layer of risk management complexity. 

Panellists emphasised that Latin America is undergoing a volatile period of economic transformation, making the role of insurance and risk managers essential. They stressed the importance of data management and information sharing, noting that innovation in risk management cannot thrive without these elements. 

Anticipation and strong relationships were underscored as vital for effective risk management. Despite advances in technology, the panel agreed that insurance and risk management remain relationship-driven industries, where face-to-face interactions are crucial. 

Finally, the panel noted that Latin America is lagging behind Europe in terms of risk management associations. They called for increased knowledge-sharing and collaboration to strengthen the region's risk management practices.

FERMA Forum Today is in partnership with Captive Review, part of Newton Media.

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