LatAm competitive but London remains choice for complex risks: Miller

While the Latin American re/insurance market is showing less drastic changes in pricing than London, when you’re facing more acute exposures, London is the place to go, according to Mar Salom, who leads Miller’s newly formed Latin American property team.

Speaking to FIDES Today, Salom explains that the re/insurance market in the Latin American region is very large and varied; in simplistic terms, Miller sees it as a provider of large capacity for regional business.

“It’s seen to be a competitive and efficient market for local business, and is showing less drastic changes in pricing than we’re seeing here in London,” she says.

However, when insureds and cedants face more complex occupancies, acute exposures and elevated risk, they still require support from the London, European, and sometimes the Asian, markets.

Salom adds: “Despite all the recent changes in Lloyd’s and the wider market, the reputation of London as being the home for more complex and difficult to place risks still rings true. It is part of our job here at Miller to ensure we are at the forefront of finding creative and innovative solutions to such risks.”

London’s relevance is just one of the topics Salom believes will dominate conversation at the FIDES conference.

The Lloyd’s market has contracted over the last 18 months, she says, but this has just made Miller strengthen its existing relationships with key markets. It’s also pushed the broker to work continually on finding and working with other London and international markets still able to provide it with solutions.

Salom expects a significant amount of conversation surrounding the changing political landscape across the region, and the potential implications this may have on the insurance market.