02137cas a2200241 a 4500 AALejournalIMF018921 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484387559 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Monetary and Capital Markets Department. Brazil : Financial Sector Assessment Program-Technical Note on Insurance Sector Regulation and Supervision. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (45 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The insurance sector has significant potential for expansion and to contribute to economic growth as an important part of the financial sector. While the insurance sector has grown at 10 percent annually over the last 5 years, on average, and remains profitable with high solvency ratios, the insurance penetration and density are lower than other emerging markets. Nevertheless, the insurance industry has the potential to reach to much higher levels of insurance penetration. A few large conglomerate groups-composed of banks, insurers and investments funds-dominate the insurance sector. Conglomerate groups account for more than 75 percent of the market share. Reflecting very conservative regulations imposed by the Banco Central do Brasil (BCB) and the Superintendency of Private Insurance (SUSEP), the interlinkages between banks and insurers are limited. Nevertheless, material contagion may occur through a reputational channel, adversely impacting the profitability of the linked business. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2018/343 Full text available on IMF http://elibrary.imf.org/view/journals/002/2018/343/002.2018.issue-343-en.xml IMF e-Library