Mexico - The State of the Financial Institutions / D&O Market: Insurance Opportunities

This is an IIL London Market lecture Graham Ludlam and Liliana Calvo discussed the state of the financial lines market in Mexico, the current risks, the underwriting issues and strategies for handling claims in this line of business in this region.

There has been an increase in the number of people / businesses buying insurance in Mexico, generally. The Insurance opportunities for financial institutions have matured in Mexico in the last 20 years.

As a rule, foreign insurance companies are prohibited from offering and selling insurance products in Mexico. The LISF makes rules on the lines of business and scenarios where the participation of foreign insurers is expressly prohibited. FI risks are therefore the subject of cedant / reinsurer relationship in the London Market.

The market is sophisticated and financial institutions are subject to a regulatory regime including in respect of governance, prudential and conduct risks. However, after a period of increasing losses, in frequency and quantum, the time has come to reassess issues that might arise at an underwriting stage and also in handling claims.

By way of example, when handling claims (re)insurers must remember the obligation on the insured to provide information to allow adjustment of the claim, and the time constraints on providing an appropriate response to a claim presentation.

By the end of this lecture members would have gained an insight into:

• The opportunities for the London Market in Mexico for FI Insurance
• The key underwriting issues to be addressed in this line of business
• Critical issues and milestones in the claims handling process

Chair:
Brian Botkin, Head of International Financial Lines, AIG

CPD events are open to CII and PFS members
Registration closes at 12pm two working days before the event date
For events held in The Old Library, Lloyd's pass holders may also attend and do not need to register
Original Photo ID (Driving Licence, Passport, Work ID with company logo and full name) is required to gain entry to all venues

Conditions:

• Email confirmations and original photo ID must be produced to security staff at the lecture venue
• Attendance confirmations are non-transferable to any other person or lecture
• All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission

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Contact:
Please contact Patricia Pedraza (07463 028327) with any queries regarding the CPD events programme.

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