As per a new report from S&P Global Ratings, the recent floods in Rio Grande do Sul, Brazil, may increase demand for catastrophic risk coverage, likely pushing up prices and premiums for this coverage type.
Heavy rains started in Rio Grande do Sul, Brazil’s fifth-largest economic state, on April 28, and amounted to 400 millimetres in just the first five days of May, according to the Instituto Nacional de Meteorologia.
The ensuing floods reportedly caused major dislocations in the state, which is an industrial and agricultural centre, taking the lives of around 147 people and displacing hundreds of thousands more.
