Brazil: Insurance Reform An Opportunity and Challenge

BY CHRONICLE STAFF

Brazil, Latin Americas largest insurance market, recently opened up its reinsurance sector by lifting the monopoly of the state-run Brazilian Reinsurance Institute (IRB). However, new entrants will still have to face challenges.

"International newcomers are likely to face obstacles arising from shortcomings in the complex Brazilian judicial system, under which discrepancies between rules, regulations and statutes regularly lead to ambiguity in interpreting the law," UK-based risk consultancy  Exclusive Analysis said Thursday. "There are...