A demanda por resseguro antes e após o termino do monopólio brasileiro

• Autor(a) principal: Mendes, Claudio Rosa
• Data de Publicação: 2019
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/26408
• topic: resseguro; demanda por resseguro; monopólio; regulação de mercado; regressão múltipla em painel; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS

The Reinsurance Industry has proven to be able to reduce economic impact from catastrophic events. The development of this market also contributes to the enhancement of the insurance industry through the launch of new products, cost reduction and knowledge sharing. From historical point of view, from 1939 to 2007, a monopoly was held in the Brazilian reinsurance market, justified mainly by the objective to develop the insurance market. The end of the monopoly was followed by an increase in the number of reinsures which, however, was not reflected in the increase of the market's size, from financial perspective. Based on 2016, the Brazilian reinsurance market represented 3.7% of its insurance industry. This ratio is lower than the one presented by the remaining countries in Latin America combined, Africa, North America, Europe and Oceania. Under this context, this research aimed to study the relation between the demand for reinsurance, intrinsic variables presented by insurers and regulatory changes. Thus, financial and non-financial variables of 37 insurers operating in the Brazilian general insurance market (including pension funds and capitalization) was analyzed. The selected period, from 2003 to 2018, contemplates five years of monopoly and eleven years after the end of it. The research shows that there is a direct and statistically significant relation between the demand for reinsurance and insurers that use the reinsurance as an instrument to manage its claims' volatility. It's also noted, with a lower level of significance, a positive relation of the demand for reinsurance with the level of concentration in corporate products and the end of the monopoly. On the other hand, the research shown a significant negative relation between the volume of claims and the demand for reinsurance, a fact that can be justified by the cost of reinsurance.