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Brazil reinsurance market cracked open
16 February 2012
Feature: Nobody is entirely happy with the final outcome of the Brazilian reinsurance market opening, but the result is a dynamic market that will likely have more local reinsurers soon.
Terra Brasis Re
Forget China and India, Brazil is a fast growing market
whose potential is actually being realised now by reinsurers.
It has been a bumpy road, with confusing signposts and
diversions placed in the way by successive governments, but
Brazil is finally open for reinsurance business - and there is
plenty to go around.
The simple facts are that Brazil is the biggest insurance
market in South America, it has the largest population in the
region and its economy is in the global top 10 in terms of GDP.
At the same time it has low but steadily growing insurance
penetration among a burgeoning middle class.
Against this fertile background the insurance market is
growing at a rate of around 15% year on year. Serving a non-cat
exposed market, the domestic industry's combined ratio was
91.3% in 2010 and 95.3% in 2009. The primary market's return on
equity was an impressive...
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