Brazil: new rules, a protective state and an open ballot

With a new insurance contract law still being bedded in, a government determined to favour local reinsurers and a polarised election, Brazil requires careful attention to risks and opportunities in 2027

IN 2007, Brazil ended the reinsurance monopoly that IRB had held for almost 70 years and opened its market to the world. I took part in that process as a director and deputy superintendent of Susep — the insurance supervisor — and have since advised many of the reinsurers that came in, as well as their Brazilian association, Fenaber. Over these two decades, London and the other global hubs have become indispensable sources of capacity and expertise for Brazilian risks, from agriculture and infrastructure to energy and large property.