Market segment outlook : Brazil reinsurance

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      <subfield code="a">Owing to the COVID-19 pandemic, previously tempered macroeconomic and political uncertainties have resurged, and Brazil has become more vulnerable to the global economy. The reinsurance market continues to grow, given its relatively low penetration and the low primary insurance penetration in the country. However, the segment growth may be negatively impacted by a more modest capacity to underwrite risks if the financial flexibility provided by the local capital markets dries up and by global risk aversion as international investors and players focus more on their domestic markets. Persistently high government debt has the potential to crowd out investment opportunites in the private sector when interest rates go back up.</subfield>
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