Thomaz Menezes, president of Marsh Brazil and Latin America, reportedly recently commented that the broker expects insurance premium rates to rise in the Brazilian market in 2009 due to the global financial crisis and resulting rise in claims. In particular, Menezes reportedly commented that Marsh expects director and officer liability premium rates to rise between 10% and 30% and premium rates for property and engineering insurance to rise approximately 10%.

Menezes’ prediction runs counter to many prior predictions concerning the coming years in the Brazilian market, which have cited the proliferation of registered foreign reinsurers as a potential cause of falling premium rates as competition increases throughout the market.