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Brazil’s new insurance law begins, international market urged to adapt
Industry participants discussed how the reforms may affect underwriting, contract wording, and claims handling timelines for cross-border re/insurance business in Brazil.
Brazil’s new Insurance Law (Law 15.040/2024) has come into force, prompting re/insurance executives to highlight what international firms need to review as they pursue cross-border business, according to Reinsurance News.
Uplift Strategy Consulting founder and CEO Simone Camilla Oliveira said Brazil is “open, maturing, and ready to do business,” framing the change as an adjustment rather than a retreat. She pointed to factors including tacit acceptance, broader interest in reinsured business, improved claims cooperation, and the importance of contract wording and operational processes.
Reinsurance News also noted that AM Best characterized the reforms as a major institutional shift, with potential to increase professionalism, strengthen consumer safeguards, and better align with international standards.
The comments followed an invitation-only market discussion organized by Uplift in partnership with Oger Global, which brought together about 40 professionals from the international re/insurance market to examine the practical implications of the law for international insurers, reinsurers, MGAs, and brokers. Speakers and attendees included representatives from leading reinsurers and MGAs, as well as Lloyd’s Country Manager Brazil Rafaela Barreto and Oger Global founder and Brazilian insurance lawyer Carolina Oger.