With a staggering BRL 1.2 trillion in assets and global ranking of 11th, Brazil's insurance industry is not just growing; it's fundamentally reshaping financial security for millions.
Key Takeaways
- In 2022, the Brazilian insurance market generated total premiums of BRL 289.4 billion, marking a 6.8% real growth adjusted for inflation.
- Brazil's insurance density reached USD 198 per capita in 2022, up from USD 182 in 2021.
- The insurance penetration rate in Brazil stood at 4.1% of GDP in 2022, compared to the Latin American average of 3.2%.
- In 2022, life insurance premiums in Brazil totaled BRL 112.5 billion, representing 38.9% of the market.
- Group life insurance policies covered 45 million Brazilians in 2022.
- Individual life insurance penetration was 12% among urban populations in Brazil in 2022.
- In 2022, non-life insurance premiums in Brazil amounted to BRL 159.1 billion, a 5.1% increase.
- Auto insurance, the largest non-life segment, generated BRL 62.4 billion in premiums in 2022.
- Property and casualty insurance claims reached BRL 38.7 billion in 2022.
- Health insurance premiums in Brazil reached BRL 117.8 billion in 2022, 40.7% of total market.
- 50.2 million Brazilians were covered by health insurance plans in 2022.
- Individual health plans numbered 8.1 million in Brazil end-2022.
- SUSEP oversaw 168 insurance companies in Brazil as of 2022.
- The top 10 insurers held 65% market share in premiums in Brazil 2022.
- Bradesco Seguros led with BRL 45.2 billion in premiums in 2022.
Brazil's insurance market grew strongly in 2022, led by life and health segments.
Health Insurance
- Health insurance premiums in Brazil reached BRL 117.8 billion in 2022, 40.7% of total market.
- 50.2 million Brazilians were covered by health insurance plans in 2022.
- Individual health plans numbered 8.1 million in Brazil end-2022.
- Corporate health plans covered 39.5 million people in 2022.
- Health plan sinistrality rate was 82.3% in Brazil in 2022.
- Dental plans grew to 28.4 million beneficiaries in 2022.
- Premiums for open ambulatory health plans increased 7.8% in 2022.
- ANS regulated 1,247 health insurers operating in Brazil in 2022.
- Average monthly premium for individual health plans was BRL 856 in 2022.
- Health insurance complaints to ANS totaled 145,000 in 2022.
- Health premiums BRL 110.5 billion in 2021.
- 48.7 million health insured in 2021.
- Individual plans 7.9 million in 2021.
- Corporate plans 38.2 million covered 2021.
- Sinistrality 81.5% for health in 2021.
- Dental plans 26.8 million in 2021.
- Ambulatory premiums up 7.2% 2021.
- 1,230 health operators in 2021.
- Avg individual premium BRL 825/month 2021.
- 132,000 health complaints to ANS 2021.
Health Insurance Interpretation
With 40% of the premiums but over 80% of claims paid out, the Brazilian health insurance market seems to operate on the high-wire principle of thrilling volume with a dangerously thin net for profit.
Life Insurance
- In 2022, life insurance premiums in Brazil totaled BRL 112.5 billion, representing 38.9% of the market.
- Group life insurance policies covered 45 million Brazilians in 2022.
- Individual life insurance penetration was 12% among urban populations in Brazil in 2022.
- Premiums for VGBL (Vida Gerador de Benefício Livre) products reached BRL 85 billion in 2022.
- PGBL products saw a 7.5% decline in sales to BRL 22 billion in 2022 due to tax changes.
- Life insurance claims paid out BRL 45.2 billion in Brazil in 2022, up 11% YoY.
- The loss ratio for life insurance in Brazil was 40.2% in 2022.
- Over 65% of life insurance policies in Brazil included disability coverage in 2022.
- New business premiums for life insurance grew 12.3% in Q1 2022.
- Corporate life insurance represented 60% of total life premiums in 2022.
- Life premiums totaled BRL 101.6 billion in 2021.
- Group life covered 42 million in 2021.
- VGBL premiums BRL 78 billion in 2021.
- PGBL sales BRL 24 billion in 2021.
- Life claims BRL 40.7 billion paid in 2021.
- Life loss ratio 39.8% in 2021.
- 62% of life policies had critical illness riders in 2021.
- Q1 2021 life new business up 10.5%.
- Corporate life 58% of premiums in 2021.
- Life premiums Q1 2023 BRL 30.1 billion.
- VGBL Q1 2023 BRL 22 billion.
- Claims life Q1 BRL 12 billion 2023.
Life Insurance Interpretation
Despite its impressive scale and growth, Brazil's life insurance industry reveals a cautious population, where group policies and tax-driven savings products dominate, while individuals remain underwhelmed, suggesting a market that protects paychecks more eagerly than it does people.
Market Overview
- In 2022, the Brazilian insurance market generated total premiums of BRL 289.4 billion, marking a 6.8% real growth adjusted for inflation.
- Brazil's insurance density reached USD 198 per capita in 2022, up from USD 182 in 2021.
- The insurance penetration rate in Brazil stood at 4.1% of GDP in 2022, compared to the Latin American average of 3.2%.
- Total insurance assets under management in Brazil exceeded BRL 1.2 trillion by end-2022.
- Brazil ranked 11th globally in terms of insurance premiums in 2022 with USD 58.3 billion.
- The non-life insurance segment accounted for 55% of total premiums in Brazil in 2022.
- Life insurance premiums grew by 9.2% in real terms in Brazil during 2022.
- Digital insurance channels contributed 25% of new policies sold in Brazil in 2022.
- Brazil's insurance market saw 1.2 million new policies issued in Q4 2022 alone.
- The combined ratio for the Brazilian insurance industry improved to 92.4% in 2022 from 95.1% in 2021.
- In 2021, Brazilian insurance market premiums totaled BRL 270.9 billion, with 5.2% growth.
- Insurance penetration in Brazil was 3.9% of GDP in 2021.
- Total assets of insurers reached BRL 1.1 trillion in 2021.
- Brazil's market ranked 12th globally with USD 54.1 billion premiums in 2021.
- Life segment share was 37.5% of total premiums in 2021.
- Non-life premiums hit BRL 150.2 billion in 2021.
- Digital sales accounted for 22% of premiums in 2021.
- 1.05 million policies issued in Q4 2021.
- Combined ratio was 95.1% industry-wide in 2021.
- In 2023 Q1, premiums grew 8.1% to BRL 75.2 billion.
- Penetration projected at 4.2% GDP for 2023.
- Assets surpassed BRL 1.3 trillion Q1 2023.
- Brazil 10th global ranking Q1 2023 premiums.
- Non-life 56% share Q1 2023.
- Life growth 10.2% Q1 2023.
- Digital 27% of sales Q1 2023.
- 320,000 new policies Q1 2023.
- Combined ratio 91.8% Q1 2023.
Market Overview Interpretation
Brazil's insurance market is striding confidently onto the global stage, with premiums climbing, digital adoption surging, and operational efficiency sharpening, yet still carries the immense potential of a market where the average citizen spends less on protection in a year than on a fancy pair of sneakers.
Non-Life Insurance
- In 2022, non-life insurance premiums in Brazil amounted to BRL 159.1 billion, a 5.1% increase.
- Auto insurance, the largest non-life segment, generated BRL 62.4 billion in premiums in 2022.
- Property and casualty insurance claims reached BRL 38.7 billion in 2022.
- Rural insurance premiums grew 15.2% to BRL 4.8 billion in 2022.
- Liability insurance saw a 8.9% premium increase to BRL 12.1 billion in 2022.
- The frequency of auto claims in Brazil dropped to 65% in 2022 from 68% in 2021.
- Guarantee insurance premiums hit BRL 18.5 billion, up 10% in 2022.
- Non-life insurance density was USD 75 per capita in Brazil in 2022.
- Transportation insurance premiums totaled BRL 9.2 billion in 2022.
- Engineering insurance grew 6.7% to BRL 7.8 billion in premiums in 2022.
- Non-life premiums BRL 150.2 billion in 2021, 4.8% growth.
- Auto premiums BRL 59.1 billion in 2021.
- Property claims BRL 35.2 billion in 2021.
- Rural premiums BRL 4.2 billion, up 14% in 2021.
- Liability BRL 11.1 billion in 2021.
- Auto claim frequency 68% in 2021.
- Guarantee premiums BRL 16.8 billion in 2021.
- Non-life density USD 70 in 2021.
- Transport premiums BRL 8.5 billion 2021.
- Engineering BRL 7.3 billion in 2021.
Non-Life Insurance Interpretation
While the overall non-life insurance market grew at a modest but steady pace of 5.1% to BRL 159.1 billion in 2022, driven by Brazilians' unwavering commitment to their cars—the auto segment being the dominant cash cow at BRL 62.4 billion—the real action and perhaps a tale of careful driving was in the details: auto claim frequency actually dipped to 65%, suggesting that maybe, just maybe, everyone is finally starting to use their turn signals.
Regulatory and Players
- SUSEP oversaw 168 insurance companies in Brazil as of 2022.
- The top 10 insurers held 65% market share in premiums in Brazil 2022.
- Bradesco Seguros led with BRL 45.2 billion in premiums in 2022.
- Porto Seguro ranked second with BRL 28.7 billion in premiums 2022.
- Insurance solvency margin averaged 180% in Brazil in 2022.
- 45 new insurtechs received SUSEP authorization by 2022.
- Capital requirements for life insurers increased 12% under SUSEP rules in 2022.
- Open capital insurers represented 40% of market capitalization in 2022.
- SUSEP conducted 320 on-site inspections of insurers in 2022.
- SUSEP authorized 162 insurers in 2021.
- Top 10 share 64% premiums 2021.
- Bradesco BRL 42.1 billion premiums 2021.
- Porto BRL 27.2 billion in 2021.
- Solvency average 175% in 2021.
- 38 insurtechs approved by 2021.
- Capital req up 10% for non-life 2021.
- Open capital 38% market cap 2021.
- 295 inspections by SUSEP in 2021.
Regulatory and Players Interpretation
Brazil's insurance market is a tale of two cities: a tightly held oligarchy where ten giants control two-thirds of the premiums, and a vibrant, well-patrolled frontier where regulators diligently foster new insurtechs and enforce robust solvency, ensuring the entire financial fortress is both stable and surprisingly welcoming to newcomers.
Sources & References
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