Credit insurance defies Brazil's recession

Credit insurance in Brazil defied the country's recession and was among the fastest growing insurance lines in 2016.

According local insurance publication CQCS, data from sector regulator Susep show that direct premiums totaled 295mn reais (US$91.8mn) in January-November last year, a 56.2% increase compared to the same period in 2015.

The volume of claims reached 24mn reais in the first eleven months, an increase of 22.6% year-on-year.

Credit insurers' commercial expenses, which include brokerage commissions and expenses with related to publicity campaigns, among others, rose 33.6% y-o-y to 132mn reais in January-November.