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Brazil is brimming with potential. Reforms have transformed the economy, unemployment is at a historic low, and its traditionally high level of income inequality has declined. As the industrial sector and middle class grow, Brazil is proving to be an attractive proposition to many international companies, their insurers and brokers. Although it is an emerging market, Brazil has large, established agricultural, mining, manufacturing and service sectors, with many domestic companies looking to expand outside of the region. Demand for commercial insurance and broking services is rising as Brazilian firms begin to compete on an international stage. However, operating in Brazil is not without its challenges. The country's tax and labor rules bring levels of bureaucracy that would shock most foreign companies. The government also continues to protect industries it sees as strategic, including insurance and reinsurance. This white paper from Business Insurance
will explore the opportunities Brazil holds for insurers, reinsurers and brokers, explains how the insurance regulatory system works, and discusses the issues that must be faced when doing business there. View a sample.