Brazil may open reinsurance market

[DW Simpson]

http://www.businessinsurance.com/cgi...pl?newsId=9130

Years of attempts to gradually open Brazil’s reinsurance market to foreign competition may finally succeed.

The nation’s senate on Dec. 20 sent a bill to President Luiz Inacio Lula da Silva that would gradually increase competition against the IRB-Brasil Resseguros S.A, the government-controlled reinsurer that has held a monopoly for decades.

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[DW Simpson]

http://www.bnamericas.com/story.jsp?...78805&idioma=I

[DW Simpson]

http://www.bnamericas.com/story.jsp?...noticia=387069

Brazil's reinsurance market could move US$2bn in premiums "or even more" within 12 months after the sector opens up to competition compared to the current US$1.5bn, Maria Elena Bidino, reinsurance director at local insurance federation Fenaseg, told BNamericas.

The market could double by mid-2009 in light of the new minimum capital requirements of 15mn reais (US$7.3mn) for local insurers that come into effect on January 1, 2008, she said.

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