Brazil credit insurance

Premiums and production mix

Sample production rose from BRL 650.4 million in January–August 2025 to BRL 749.2 million in the same period of 2026, an increase of 15.2%. Over the 12 months ended August 2026, domestic credit accounted for BRL 1,002.2 million, or 88.8% of production, and export credit for BRL 126.7 million, or 11.2%.

The trailing total combines September–December 2025 with January–August 2026. Its 9.6% difference from full-year 2025 compares distinct windows and is not used here as a year-over-year growth rate.

Participation and insurer ranking

Coface reports BRL 256.1 million in trailing 12-month direct premiums, followed by Allianz Trade at BRL 254.1 million. Their shares within the sample are 22.7% and 22.5%. A difference of 0.2 percentage points supports describing leadership as shared.

Their combined share declined from 50.9% in 2023 to 45.2%. Avla’s share rose from 2.6% to 7.9%. This describes recorded production; it does not, by itself, establish changes in appetite, portfolio quality or capacity available for an individual transaction.

BRL million. ¹ Share within the sample. ² Jan–Aug 2026 versus Jan–Aug 2025, calculated from rounded values. Insurer rows may not sum exactly to published totals because of rounding. Source: study, p. 3.

Claims and timing concentration

Over the trailing 12 months, the sample recorded approximately BRL 1,734 million in incurred claims and BRL 1,049 million in earned premiums. The gross loss ratio was 165%. Direct premiums measure production; earned premiums are the denominator for the loss ratio.

AIG accounts for BRL 715.0 million in claims, approximately 41% of the sample’s trailing total. Its 425% gross loss ratio relates claims to earned premiums during that period. It should not be used as a measure of solvency or claims-paying ability.

In August 2026, four insurers recorded BRL 601.1 million in claims, approximately 44% of sample claims for January–August. Incurred claims include reserve additions, revisions and reversals; they do not necessarily equal claims paid during the month. The figures do not establish a common borrower or event.

Reinsurance and the local-entity view

The comparison below covers the cumulative January 2023–August 2026 period. The gross measure is incurred claims divided by earned premiums. The estimated net measure adjusts the numerator and denominator for reinsurance income and expense reported in the study.

At the aggregate level, the adjustment reduces the ratio from 112% to 29%. The gap is greater at AIG, at 208% versus 1%, and Atradius, at 139% versus 5%. This shows the accounting effect of reinsurance on the estimated local-entity metric without establishing the group’s final economic result.

The study’s summary also reports a 165% gross ratio and a 36% estimated net ratio for the trailing 12 months. Those figures cover a different window and are not directly compared with the cumulative 112% and 29%. The query does not identify reinsurers: it cannot confirm generalized intragroup cessions, reinsurer credit quality or actual recovery of balances.

Branch differences and study coverage

Cumulatively from January 2023 through August 2026, the domestic credit gross loss ratio was 122%, versus 32% for export credit. Estimated net ratios were 30% and 22%. The difference does not establish net profitability because commissions and other expenses are outside this analysis.

The sample covers only part of SES branch 0748. Other participants and the product mix need to be considered when assessing the entire market. For branch 0749, the seven-insurer totals match the SES totals presented in the study.

Implications for structuring and placement

Businesses should review buyer concentration, limits, payment terms, overdue balances and reporting obligations before renewal. For banks, an assessment should connect borrower, tenor, financing agreement, exclusions and coverage triggers in a non-payment insurance structure.

For a broker, the data informs risk preparation and questions to insurance markets. Historical figures do not establish future price increases, limit reductions or capacity constraints. Each transaction requires current underwriting information and coverage terms.