FGV’s Institute for Innovation in Insurance and Reinsurance and AIDA begin technical cooperation

International Insurance Law Association (AIDA) begins collaboration with FGV’s Institute for Innovation in Insurance and Reinsurance through technical cooperation agreement signed on Friday, March 31.
18 April 2023
FGV’s Institute for Innovation in Insurance and Reinsurance and AIDA begin technical cooperation

During the 15th Brazilian Insurance and Pension Law Congress, held on March 30 and 31 in Foz do Iguaçu, the Brazilian arm of the International Insurance Law Association (AIDA) announced a new partnership with Fundação Getulio Vargas’ Institute for Innovation in Insurance and Reinsurance. The goal is to carry out research and studies in order to enhance the regulation of Brazil’s insurance and reinsurance sector.

Through this institutional partnership, established through a technical cooperation agreement, the institute will benefit from the experience of AIDA, which operates in more than 70 countries. In Brazil, AIDA holds conferences, runs national working groups and provides its members with the industry’s latest news, including key articles and jurisprudence related to the insurance and reinsurance sector.

The president of AIDA’s Brazilian arm, Juliano Ferrer, points out that the association has provided a forum for study, reflection, the sharing of experiences and the production of content regarding insurance and reinsurance law since 1960. According to him, there is no doubt that this forum helps those who work in this field stay up to date with the industry’s latest developments.

“This collaboration agreement with FGV’s Institute for Innovation in Insurance and Reinsurance is an excellent way to strengthen the scientific relationship between these organizations, encouraging research and diving deep into topics. Insurance is an essential tool for protecting society and developing the economy. Educating people is also a fundamental part of this work,” Ferrer says.

According to FGV’s director of research and innovation, Goret Paulo, Brazil’s insurance and reinsurance industry has great growth potential. Research in this field, which helps promote innovation in the sector, is one of the main objectives of the Institute for Innovation in Insurance and Reinsurance, which is aligned with FGV’s mission to promote Brazil’s socioeconomic development. Paulo believes that AIDA can help the institute identify industry challenges and support academics with their research and studies.

“In order to carry out research that brings benefits to society, it is necessary for interaction between representatives of the sector and researchers to take place from the outset of projects, when the challenges to be tackled are defined,” she says. “To understand this industry’s challenges, we have spoken to insurance and reinsurance companies, regulators, brokers and trade associations. AIDA, as an active and representative trade association, is able to contribute significantly to the formulation of issues that are important for the development of research in this area.”

To start off this partnership’s activities, AIDA will participate in a webinar on agricultural insurance organized by the institute, which will take place on April 19, at 2 pm, featuring representatives of the Brazilian Central Bank, Agriculture Ministry, Finance Ministry, Brazilian Private Insurance Regulatory Agency (SUSEP) and insurance company BrasilSeg. The participants will discuss the findings of a study by FGV that analyzed the challenges of the Brazilian government’s Rural Insurance Program.

To take part in the event, please sign up here.

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