Brazilian reinsurer posts underwriting loss of over $281 million

Brazil-based reinsurer IRB Brasil Resseguros SA posted an underwriting loss of 1.45 billion Brazilian real ($281.5 million) in 2022, partly due to adverse climate effects on agriculture, Reinsurance News reported. The reinsurer reported a net loss of BRL630.3 million in 2022, compared to a net loss of BRL682.7 million in 2021. However, gross written premiums in Brazil increased nearly 1% year-on-year to BRL5.37 billion, while foreign gross written premiums for the company fell  27% year-on-year to BRL2.51 billion.