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Market report: Brazil - Brazil yet to deliver on promise to open market.
(From Reinsurance)
Byline: Mairi Mallon.
It was all supposed to happen back in 1999. The financial world rubbed its hands together at the prospect of such a lucrative market being opened up.
More than $15m (GBP8m) of foreign capital flowed in to the insurance sector from abroad and 13 insurers and reinsurers set up shop, along with a good handful of top brokers, to take a slice of the largest insurance market in Latin America.
But five years on and Brazil's reinsurance market is still a closed shop - and it looks like the country is in no hurry to open up its doors to the world market.
In theory, the legislation to liberalise ...
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