Intelligent Insurer spoke to Michael Hughes, chief executive for Latin America at Aon Benfield, about the regulatory challenges and key opportunities for reinsurers and intermediaries that operate in the region.
What opportunities does Brazil offer to international reinsurers and brokers? Similarly, what can they offer the Brazilian market?
Brazil is interesting at the moment, as the whole economy is growing. This growth, coupled with events such as the 2014 World Cup and the 2016 Olympics, means that opportunities for insurance and reinsurance are significantly increasing. This growth will continue and therefore so will the demand for reinsurance, particularly in the areas of construction and property.
In terms of what reinsurance can add, Brazilian insurers can reap some of the benefits as per their global peers by providing capital and balancing portfolios. Reinsurance helps in the event of major losses and it has been proven that Brazil can suffer such losses. Taking these factors into account, it is clear there is a need for reinsurance in Brazil to continue supporting balance sheets and providing protection to local companies.
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Reinsurance, Latin America, Brazil, Aon Benfield, Argentina, Emerging markets