Swiss Re places its bets on Peru

December 2010 - Swiss Re has decided to place its bets on Peru in light of the country’s economic and legal landscape and the potential it holds in sectors like infrastructure, which has seen a boom in recent years and where major investment is expected in the future. With this decision, it is opening channels for dialogue with stakeholders to make them aware of the sector’s potential and the need to find ways to ensure projects are adequately protected and investments sustainable over time. On 2 December, Swiss Re held a conference entitled “the Insurability of Infrastructure Projects” in Lima, the theme of which was the role of risk transfer in infrastructure projects in Peru.

With a cross-industry attendance of over one hundred executives representing insurance carriers, brokers, builders, banks, consultants, government agencies, oil and mining companies and trade associations, the conference provided an ideal platform for exchanging ideas about the importance of and challenges surrounding the insurability of large-scale infrastructure projects in Latin America.

Just as building infrastructure is not a simple task, properly managing the risk associated with the various types of exposure that must be taken into account in order to protect it isn't either. There are many factors and stakeholders that come into play when undertaking a project of this nature: banks, governments, builders, private investors and the insurance sector. At the conference, Swiss Re placed a spotlight on the reasons why insurance is a key element of every infrastructure project. This topic is particularly relevant to Latin America, where economic growth is giving rise to ambitious development plans.

At present, some 13% of insurance premiums worldwide come from emerging markets and by 2020 this percentage is expected to rise to 25%, in which Latin American countries will play an important role. Latin America is taking on an active role in infrastructure investments. Countries like Brazil, Chile, Colombia, Mexico and Peru are leading the way in megaprojects, which largely underpin the region’s development. Against this backdrop, the activity seen in the infrastructure sector and the potential it holds for Latin American countries creates a need for insurance solutions with which it must prepare itself against potential contingencies.

The conference was made possible thanks to the support of Swiss Re Academy, Swiss Re’s training center. Swiss Re’s presenters included: Patrick Mailloux, Head G&N & Latin America; Francisco Majos, Regional Head Andean Countries; Luis Meneses, Head Engineering Latin America; Erika Schoch, Head Marine Latin America; Guillermo Eslava, Liability Underwriter; John Ravenna, Head Branch Property Facultative; and Euler Alvarenga, Risk Management Analyst. Special guest Juan Suito, director of technical affairs at ProInversión, also spoke at the event.

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Asegurabilidad de proyectos de infraesturctura, Lima

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