Brazil insurance covers only 9% of climate disaster losses; federal emergency declared in 46 municipalities

Brazil's federal government recognized emergency situations in 46 municipalities across eight states due to heavy rains, windstorms, hail, tornadoes, floods, and drought. A new study by the National Confederation of Insurers shows that the insurance market covers only about 9% of economic damage from such events, highlighting a significant protection gap that could strain public finances and hinder recovery.