Venezuela has been a difficult market for international insurers for over a decade, leading many to scale back or exit. While it is no longer a material source of earnings, recent geopolitical developments have reintroduced risk through regional spillovers. Sanctions and security activity linked to Venezuelan trade could disrupt shipping lanes, ports, and airspace across the Caribbean, illustrating how country risk can quickly become regional and drive repricing and tighter insurance terms. There are also implications from a credit perspective. Read the research from Morningstar DBRS
