AM Best América Latina Senior Director of Analytics Alfonso Novelo will give a presentation on the rating agency's innovation criteria at the Funcionarios del Sector Asegurador's (FUSA) 34th Annual Convention, which will take place Oct. 31-Nov. 3, 2019, in Cancún, México.
FUSA serves as the financial managers' organization for Mexico's insurance industry. Novelo will provide an update on the rating agency's plan for evaluating an insurer's level of innovation and to what extent that evaluation ultimately will impact the measure of an insurer's financial strength. AM Best's draft criteria procedure on innovation, which recently was refined following an initial comment period, is available at www.ambest.com/ratings/methodology.asp. Novelo's presentation will take place at 10 a.m. on Friday, Nov. 1; this event will be held at the Sapphire Riviera Cancún.
AM Best maintains a stable outlook on Mexico's insurance industry, as companies in the market continue to maintain strong capitalization levels; however, uncertainty about the scope of future legislative projects and potential economic disruption could create volatility given the insurance market's correlation with the economy.
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