Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) continues to dominate the market in its home country, controlling around 33.1% of the market share.
Data from Terra Brasis Resseguros (Terra Brasis Re) broke down the rankings for reinsurers operating in Brazil for the 12 months ending June 30, 2019.
Brazilian companies accounted for around 43.9% of the reinsurance market, with IRB Brasil Re accounting for the majority of this figure, but still declining from 35.0% in 2018.
This leaves just 10.8% market share to be split amongst the other groups based in the country, up from 8.8% in 2018.
The combination of Brazilian-based companies, excluding IRB, now ranks fourth in terms of countries most active in Brazil’s reinsurance market (up from fifth in 2018), ahead of Switzerland, France, Spain, and Bermuda.
Rodrigo Botti, Founding Partner and CEO at Terra Brasis Re, noted that the ranking was impressive given that the Brazilian group has existed for less than 10 years.
In terms of foreign reinsurers operating in Brazil, the US and Germany proved to be the main international partners in 2019, taking 14.4% and 13.4% of the market share, respectively.
Munich Re, Mapfre, Lloyd’s and Chubb claim the largest share of the market after IRB, at 6.4%, 5.6%, 4.4% and 4.2%, respectively.
Combined, these top five groups accounted for roughly 53.6% of the reinsurance provided to Brazilian insurers, down from 55.5% in 2018, and 62.9% in 2014.
In comparison, the top 10 groups accounted for 72.2% of the market share, according to Terra Brasis Re, down from 74.2% in 2018, and 81.4% in 2014.
