QBE Insurance Group expects to increase its premium growth in Latin America by 15% next year due to higher renewal rates, according to the group’s CEO for Latin America, José Sojo.

A report in Business News America said the Brazilian, Colombian and Argentine insurance units are expected to end this year with around $US130 million ($173 million) in premiums, with Colombia contributing $US80 million ($106 million) to the total figure.

In February the insurer moved into the Colombian insurance market by purchasing state-controlled insurers Central de Seguros and Central de Seguros de Vida for $US21.4 million ($28.5 million).

Mr Sojo said QBE is now interested in entering the Mexican and Chilean insurance markets through acquisitions, “as long as the price is interesting”.

The QBE international acquisition model is likely to be studied closely by IAG as it seeks ways to expand beyond the Australian market. The group has begun preliminary research into North America and Europe for long-term acquisition opportunities, according to a report in the Australian Financial Review.

IAG is still looking at the Asian market, with China and Malaysia featuring prominently, but until the insurer finds an affordable acquisition, it is also understood to be reviewing options in North America and Europe.