You have got to love the Brazilians. They didn't win the World Cup but once again they have managed to confound the international insurance industry by shifting the goalposts.
It took an eternity for the Brazilian government to start opening the reinsurance market by stripping the state-owned IRB of its monopoly - a process which is not yet complete.
And now the government has revealed that it is preparing to launch a state-owned primary insurer! One that will compete with domestic companies and the growing number of foreign-owned companies moving into the market.
It must make perfect sense to Brazilian politicians trying to increase government revenues and keep the unions happy: the country has a fast-growing economy and a lot of stuff that needs insuring. The "global" recession has barely touched the country.
Brazil is on the up. In the space of two years, the world's fifth largest country will host the World Cup (2014) and then the Olympics, in Rio.
According to reports, the new state-owned insurance company planned by the government will be called Empresa Brasileira de Seguros and will have initial capital of R18bn ($10.2 billion). The project, which is being developed by the Finance Ministry and must still be approved by the Brazilian Congress, has dismayed insurance commentators.
Ratings agency Moody's was first out of the blocks saying the move will hamper the domestic insurance market's growth and be a turn-off for foreign insurers.
To calm the situation the government has been quoted as saying the new insurer will only be active in surety, credit and engineering classes. That's OK then, but, hang on, aren't they some of the more attractive classes of commercial business in Brazil?
Moody's analyst Martin Duffy said gloomily that "the company`s business strategy could rely primarily in offering more attractive rates, backed by the government's 'deep pockets'." That's what they call an unlevel playing field in the world of soccer.
But maybe it isn't so surprising a tactic. Socrates, the fabulous Brazilian soccer player (and doctor), recently summed up what it is like to be Brazilian in a wide ranging interview with the BBC. Socrates, who captained his country in the 1982 World Cup, was in London this week to speak at the London literary festival. He said: "In Brazil, the way we live is not like Europe where you have your schedule for the whole year - we don't know what we are doing for the next 15 minutes," he said.
Those words will resonate with insurers and reinsurers everywhere.