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26 September 2023 Insurance

Brazil cyber: ready to grow

The cyber insurance market in Brazil has the potential for dramatic expansion, as this product offers financial benefits for a growing risk which market participants are facing, according to a report by Fitch Ratings called “Brazilian cyber insurance market overview”, released in August.

The report notes that direct cyber insurance premiums grew 27.2% to R$98 million in 1H23, compared with R$77 million in 1H22. In previous years, the segment’s growth was even more significant, with the three-year average premium growth rate at 106%.

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