Brazil Subsidized Rural Insurance Policies for Deforested Farms [BNN Bloomberg (Canada)]
MAPFRE SA UNSP/ADR (MPFRY)
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Source: BNN Bloomberg
An investigation by Repórter Brasil found that farmers benefited from a government-backed insurance program even after being sanctioned for environmental and labor violations. Most of the policies scrutinized were signed during the administration of former President Jair Bolsonaro, though violations persisted under his successor Luiz Inacio Lula da Silva. The findings underscore the challenges of fighting deforestation in Brazil. Years of booming soybean and corn prices fueled a rapid expansion of farmland into new areas. Bolsonaro supported mining and farming activities in the jungle, causing a surge in the pace of slashing and burning in the Amazon region. From 2019 to the end of his four-year term, the annual deforestation rate jumped more than 50%, according to the National Institute for Space Research (Inpe). A global agriculture powerhouse, Brazil in the last decade has drawn increased attention of insurers worldwide, given the growth potential in the country where less tha
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