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Terra Report: Net profit for Brazilian reinsurers rises in Q1

The volume of reinsurance ceded by Brazilian insurers tolocal reinsurance firms, gross of commissions, reached 7.4 billion Brazilianreais in the aggregate 12 months through March, up 10.5% compared to the 6.7billion reais registered in the 12 months through March 2015, according to thelatest Terra Report published July 11.

In the same period, the reinsurance volume coming fromoffshore cedants totaled 1.3 billion reais, representing annual growth of148.4%.

According to the report, Brazilian reinsurers recorded anoverall net profit of 262 million reais in the first quarter, up from 193million reais in the year-ago period.

Despite the higher net profit and larger reinsurancevolumes, Brazil's reinsurance market must still contend with challenges thatinclude the ongoing impeachment process against suspended President DilmaRousseff and a wide-ranging corruption investigation centered on state-run oilfirm Petrobras, the report noted.

In full-year 2015, the volume of reinsurance ceded by Brazilian insurers asgross of commission hit 10.1 billion reais, rising 12.1% compared to 2014.

As of July 11, US$1was equivalent to 3.30 Brazilian reais.