Search for agricultural insurance triples in Brazil

In 2022, the Rural Insurance business volume hit a historic record, with 12.6 billion reais in premiums issued, an increase of 40% compared to 2021. The number is three times higher than five years ago. In 2018, the Agricultural Insurance market traded BRL 4.28 billion in premiums. On that occasion, the government subsidized 370 million reais in insurance premiums to encourage rural producers to hire protection for their crops. This growth in demand for Rural Insurance is linked to some important factors, among them the increase in the subsidy resource made available by the Federal Government, which reached 1 billion reais in 2022, and which, even though it is lower than the 1.15 billion released in 2021 in the PSR (Rural Insurance Premium), were decisive for the growth of the sector and greater protection for the agribusiness economy. Another motivator is linked to the negative experiences that agriculture has been facing with climate instabilities in the last two years. These ...