Brazil's agricultural insurance sector reduces compensation in 2023

SÃO PAULO (Reuters) - The National Confederation of Insurers (CNseg) estimates growth of 23.1% in the rural insurance sector in 2024, versus a forecast of a 5% increase this year, as producers seek more protection against climate effects , which, on the other hand, were less intense in the record 2022/23 harvest, reducing compensation payments. The rural insurance sector increased by 4.5% in the year to September, reaching revenue of 11.1 billion reais, according to a statement released by CNseg. "Agricultural insurance has played its role in supporting this sector, which has suffered so much from climate events", said the president of the Rural Insurance Commission of the National Federation of General Insurance (FenSeg), Joaquim Neto, in a statement. In terms of return to producers in the form of compensation, in the year to September, 3.5 billion reais were paid, a drop of 63.9% compared to the same period in 2022, due to the influence of severe weather events that occurred in ...