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Standard deviation of growth over year economic cycle. A proxy Links of London economic volatility stability. Measure of financial sector’s development, a crucial structural characteristic given the Financial infrastructure insurance industry’s reliance on risk calculation. Risks to Realisation of Returns Market Risks Barriers to entry Subjectively evaluates de factode jure regulations on development of insurance sector. Regulatory environment Subjectively evaluates impact of regulatory environment on the competitive landscape. Country Risk from BMI’s Country Risk Ratings Shortterm financial risk Evaluates currency volatility. Links of London Two HeartS Charm Red’s vulnerability to externallyinduced economic shock, which tend to be principal Shortterm external risk triggers of economic crises. Policy continuity Evaluates the risk of sharp change in broad direction of government policy. Legal framework Strength of legal institutions. Security of investment key risk in some emerging markets. Bureaucracy Denotes ease of conducting business in a state. Weighting Given the number of indicatorsdatasets used, it would be inappropriate to give all subcomponents equal weight. Consequently, the following weight has been adopted. Key Insights Links of London U Charm Brazil’s Insurance Sector Writing in November , we have been able to ensure that the report includes actual data for . The industry regulator, Superintendência de Seguros Privados SUSEP, identifies three life lines in its data VGBL products, retirement savings schemes of which PGBL products are an important subset and capitalisation schemes. We have also included health insurance premiums. Details are sourced from Agência Nacional de Saúde Suplementar ANS, the health insurance regulator. At the time of writing, SUSEP has published data for the first seven months of , which we Links of London Wide purple And Pink friendship Bracelet incorporated into our estimates for the year as a whole. For BMI’s purposes, the nonlife segment includes the consolidated insurance figures published by SUSEP except for VGBL products, which are a subset of personal lines that belong to the life segment. We consider that the Brazilian nonlife segment also includes the health insurance premiums disclosed by ANS.