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The 2023 Outlook for the Latin American insurance sector is neutral in most markets based on stable industry profile and operating environments (IPOE). The sector outlook considers premium growth aligned with economic growth, normalization of life and health loss ratios to pre-pandemic levels, and pricing adjustments in non-life business lines that may benefit underwriting performance. However, financial market volatility may affect profitability in some markets. ���������ֳ� expects the insurance sectors in Colombia, El Salvador, Peru and Chilean Non-Life will deteriorate, considering that lower economic growth, currency depreciations and persisting high levels of inflation may continue to affect non-life business claims costs, especially the auto business line that may not be completely offset by pricing adjustments. Sovereign ratings and their potential effects in IPOEs will influence some insurance sectors, given that investment portfolios remain exposed to government bonds, and operations are concentrated in domestic economies.