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Loss ratios for most of the rated insurers were up due to a higher cost of claims.

Chubb Risk Engineering initially developed this service in North America, then introducing it in Chile during 2018, then rolling it out to several Latin American countries.

Zurich expects the transaction to be finalized “by the end of 2018” and funded by internal sources.

"We continue to see an influx of competitors, which is a sign of the Colombia's enduring appeal," says Axel Brohm of Swiss Re.