Brazil's Reinsurance Market Expands as Climate and Financial Risks Rise

The Brazilian reinsurance sector recorded premium cessions of R$ 29.7 billion in 2025, a 12.6% increase over the previous year, according to data from the Superintendence of Private Insurance (Susep). In the first five months of 2026, cessions reached R$ 12.19 billion, continuing the upward trend. The Federação Nacional das Empresas de Resseguros (Fenaber) says the growth reflects heightened exposure to severe climate events, large infrastructure projects, expanding credit operations and greater overall asset exposure in the economy. Fenaber president Rafaela Barreda explained that “the rise in cessions does not only mean more business; it shows the market is providing coverage for larger, more diverse and more complex risks,” highlighting reinsurance’s strategic role in preserving capital and supporting economic development.

Fenaber emphasizes that as Brazil’s infrastructure, real estate, corporate activities and liability exposures expand, insurers increasingly rely on reinsurance to distribute risk and maintain market stability.