O impacto do resseguro no desempenho das empresas seguradoras no Brasil

Abstract

This study analyzes the relationship between the use of reinsurance and the financial performance of Brazilian insurance companies. Reinsurance is a widely used instrument in the insurance sector for risk transfer and management, allowing insurers to expand their underwriting capacity and reduce exposure to large-scale losses. The objective of this research is to investigate the impact of reinsurance utilization on the Return on Equity (ROE) of insurers operating in the Brazilian market. To this end, accounting data provided by the Superintendence of Private Insurance (SUSEP) were used, covering 96 insurance companies over the period from 2014 to 2025, totaling 718 observations in an unbalanced panel dataset. The analysis was conducted using panel data econometric models, including Pooled OLS, Fixed Effects, and Random Effects, with the Fixed Effects model selected as the main specification based on specification tests. The results indicate a negative and statistically significant relationship between reinsurance utilization and financial performance, suggesting that higher levels of risk cession may reduce firms' profitability due to the costs associated with reinsurance. Additionally, firm size was found to have a positive effect on financial performance, while solvency levels showed a negative relationship with ROE, indicating a potential trade-off between profitability and financial stability. These findings contribute to the literature by providing empirical evidence on the role of reinsurance in the financial performance of insurance companies in Brazil and offer relevant insights for both market participants and regulators.