Chile, Bolivia And Ecuador: What Insurers Should Know

Author:Mr Andrés Amunátegui Echeverría and Sascha Stullenberg
Profession:DAC Beachcroft LLP
 
FREE EXCERPT

In recent weeks the LATAM region has experienced crises which will impact insurance coverage in the region:

Chile

Protests in Chile began over a proposed price hike in subway tickets in the capital city of Santiago but have since developed into larger demonstrations, which have seen areas vandalised, including shops and businesses.

Since the 19th October a number of cities have been under curfew (8pm to 6 am) and declared in a state of emergency.

As a result Sebastian Pinera, Chile's president, met with all relevant political parties. This resulted in the proposal of a number of political, economic and social measures that are currently being debated in Congress.

Bolivia

During the recent general election in Bolivia, after approximately 95 per cent of the votes were counted, election officials announced that current Bolivian President Evo Morales received 46.8 percent of the votes, while his closest rival, Carlos Mesa, got 36.7 per cent. However, preliminary results released hours after the polls closed showed a tighter margin between the two leading candidates, which could have led to a runoff in December.

On 21st October an updated tally of votes appeared to give the incumbent a big enough lead to avoid this. But some have accused President Evo Morales of election fraud, leading to violent protests and acts of vandalism.

Ecuador

Ecuador's President Lenin Moreno recently announced an end to 40-year-old subsidies for fuel, which he said were 'no longer affordable'. The decision meant that diesel and petrol prices would more than double.

The measure was received with a national strike which has...

To continue reading

REQUEST YOUR TRIAL