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View from the Top: IRB’s Eduardo Nakao
26 May 2010
The CEO of Brazil’s state reinsurer IRB-Brasil Re gives his thoughts on how the market has coped since his firm’s monopoly was broken. Brazil now has about 60 reinsurers and 30 brokers for reinsurance. So this represents an increasing credibility in the growth of the market for insurance as well as reinsurance in Brazil.
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eduardo nakao
The difference I see in relation to last year is that the reinsurance market right now has an expectation of growth that is almost equivalent to that of insurance. Historically, the insurance market has always grown more than the reinsurance market. But the situation of the economy and the projects established by the government means insurers will need more reinsurance because it is large risk business such as hydroelectric power plants, large vessels of Petrobras and so on. That is why the reinsurance market for the first time can come closer to the growth rate of the insurance market.
IRB versus international reinsurersIn 2008 our results was very good, helped by the foreign exchange devaluation in 2008. In 2009, despite the Brazilian...
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