Navigating Risk and Compliance: Insurance Law and Regulatory Challenges in Mexico and the Caribbean

Abstract

Background: The insurance sectors in Mexico and the Caribbean face growing challenges from global economic shifts, technological advancements, and climate-related risks. Understanding the interplay between legal frameworks in these regions and broader North American practices is essential for fostering resilience and compliance.

Objective: This article explores the regulatory challenges in insurance law faced by Mexico and the Caribbean, emphasizing the influence of North American practices. It identifies opportunities for harmonization and strategies to address unique regional risks.

Methodology: The study employs a comparative analysis of insurance regulations in Mexico, the Caribbean, and selected North American jurisdictions. Data was collected from policy documents, legal case studies, and interviews with industry professionals conducted between 2020 and 2024. The research uses qualitative techniques to analyze the adaptability of North American regulatory approaches to regional contexts.

Findings: The study reveals that while Mexico has made strides in aligning with international insurance standards, the Caribbean remains fragmented in its regulatory approach. Both regions face challenges in climate risk insurance, data privacy, and digital insurance platforms. Recommendations include creating region-specific compliance frameworks, fostering public-private partnerships, and leveraging technology to enhance risk management and consumer protection.