Earl Jarrett, member of the Financial Services Advisor board and chief executive officer of The Jamaica National Group: “The Latin America and Caribbean region’s insurance market will experience significant changes in property and motor/liability insurance in 2024 due to the continued shortage of capacity for reinsurance in the international market. Property/catastrophe insurance coverage remains opportunistic rather than mandatory for major market players. Most of the region’s domestic insurers struggled last year. General shrinkage of the markets resulted in major price adjustments to support limited capacity. This may ease in 2024 with treaty renewals slowing to an average 10 percent price increase. Countries that did not adjust their prices are now under severe pressure and have responded with increases well above the 10 percent average. Hard market pricing will continue to provide top line growth for the year, albeit at a slower pace. Reinsurers have been very mindful of creating capacity to encourage competition to protect the…”