Recent natural disasters have shown the region's poor are under-protected. Greater adoption of microinsurance is an answer, but hurdles need clearing, Dirk Reinhard of Foundation Munich Re tells BNamericas.
The amount of fines is on track to surpass the previous record set in 2016.
Moody's says the short-term debt instruments are among the most profitable on the local capital market.
Brazil's president will likely offer posts to coalition parties to get votes for the reform.