In an interview on EUTV’s Brasil Seguro program, Alessandro Octaviani, superintendent of the Brazilian Superintendence of Private Insurance (SUSEP), highlighted how limited insurance coverage increases Brazil’s vulnerability to climate losses and puts pressure on the National Treasury. He recalled that insurers paid about BRL 6 billion following floods in Rio Grande do Sul, against estimated losses of BRL 100 billion. Motor insurance, the country’s leading insurance category by penetration, covers only about 30% of the national vehicle fleet.

Octaviani also reviewed recent legislative changes, including the insurance contract law, Law No. 15,040/2024. The new rural insurance framework provides budget stability and greater attractiveness to private capital in a sector whose low coverage he had highlighted at a 2025 Chamber of Deputies hearing on climate risks. Efforts to strengthen the reinsurance market focus on encouraging competition and retaining domestic savings.

Original source

Related updates