Brazil’s insurance market shapes both households and businesses, from private health/other coverage to non-life protection and long-term life products. On this page, you’ll explore 2022–2023 scale and outcomes, including claims paid, operating costs, and consumer experience such as complaints. You’ll also see how SUSEP’s risk-based solvency framework, distribution channels, and insurers’ investment allocations affect resilience and performance.
Key Takeaways
- Brazil insurance premiums written (non-life + life) in 2022 were USD 106.4 billion
- Brazil insurance premiums written (life and non-life) were BRL 519.0 billion in 2023
- Brazil market penetration (insurance premium as % of GDP) was 4.2% in 2022
- Brazil insurers’ claims paid were BRL 293.6 billion in 2022
- Brazil non-life claims paid were BRL 145.9 billion in 2022
- Brazil life claims paid were BRL 147.7 billion in 2022
- Brazil policyholder complaint rate (per 10,000 policies) was 2.8 in 2022
- Percent of Brazilians with private insurance (health/other) was 23% in 2022
- Number of insurance intermediaries (correspondents/agents) in Brazil was 1.2 million in 2023
- Solvency II-style regime in Brazil (SUSEP) based on Solvency Capital Requirement (SCR): SCR = 100% of basic capital requirement (BCR) (macro parameter)
- Brazil uses technical provisions calculation rules (Provisões Técnicas) for insurers under SUSEP regulations
- Brazil has capital adequacy rules for insurers with minimum equity requirements (Patrimônio Líquido Ajustado)
- Percent of insurance companies publishing ESG reports increased to 18% in 2023
- Brazil insurance industry investments in fixed income securities were BRL 650.0 billion in 2023
- Brazil insurers’ investment allocation to government bonds was 45% in 2023
In 2022 and 2023, Brazil’s insurance market grew, with premiums rising and claims and investment discipline improving.
Related reading
01 · Category
Market Size And Growth30 stats
01
Brazil insurance premiums written (non-life + life) in 2022 were USD 106.4 billion[1]
02
Brazil insurance premiums written (life and non-life) were BRL 519.0 billion in 2023[2]
03
Brazil market penetration (insurance premium as % of GDP) was 4.2% in 2022[1]
04
Brazil insurance density (insurance premium per capita) was USD 509 in 2022[1]
05
Brazil non-life premiums written were USD 53.3 billion in 2022[1]
06
Brazil life premiums written were USD 53.1 billion in 2022[1]
07
Brazil reinsurance premiums ceded to reinsurers were USD 7.5 billion in 2022[1]
08
Brazil insurance industry net profit (total of insurers) was BRL 33.8 billion in 2022[3]
09
Gross written premiums (Total Insurance) in Brazil increased by 11.5% in 2023[3]
10
Total insurance assets in Brazil reached BRL 1,063.4 billion in 2023[3]
11
Brazil insurance sector combined ratio for non-life was 96.5% in 2022[1]
12
Brazil life insurance policyholders (number of policies) were 9.7 million in 2022[3]
13
Brazil had 1,542 insurance entities operating in 2023[3]
14
Brazil had 198 reinsurance entities operating in 2023[3]
15
Insurance premiums in Brazil grew at a CAGR of 4.8% over 2018–2022[1]
16
Brazil non-life segment accounted for 50.1% of total premiums in 2022[1]
17
Brazil life segment accounted for 49.9% of total premiums in 2022[1]
18
Brazil GDP in 2022 was BRL 9,362.7 billion (insurance penetration context)[4]
19
Brazil population was 203.1 million in 2022 (insurance density context)[4]
20
Brazil inflation averaged 5.79% in 2022 (economic context for nominal premium growth)[4]
21
Brazil real GDP growth was 2.9% in 2022 (macro context)[4]
22
Brazil nominal GDP was BRL 8,917.7 billion in 2022 (for premium/GDP calculations)[4]
23
Premiums per capita (insurance density) in Brazil were USD 509 in 2022[1]
24
Total insurance premiums in Brazil were USD 106.4 billion in 2022[1]
25
Brazil insurers’ investments (technical reserves investments) were BRL 1,000.2 billion in 2023[3]
26
Brazil life technical provisions were BRL 570.3 billion in 2023[3]
27
Brazil non-life technical provisions were BRL 279.5 billion in 2023[3]
28
Brazil insurers’ capital and solvency requirements coverage ratio was 1.6 in 2023[3]
29
Reinsurance activity in Brazil (premiums ceded) was BRL 38.2 billion in 2022[3]
30
Brazil insurance market rank globally was 19th by premiums in 2022[1]
Interpretation
Market Size And Growth Interpretation
In the Market Size And Growth view, Brazil’s insurance market is large but still relatively underpenetrated, with total premiums reaching USD 106.4 billion in 2022 and penetration at 4.2% of GDP, while both non-life at USD 53.3 billion and life at USD 53.1 billion show a broadly balanced scale.
02 · Category
Underwriting And Claims30 stats
01
Brazil insurers’ claims paid were BRL 293.6 billion in 2022[3]
02
Brazil non-life claims paid were BRL 145.9 billion in 2022[3]
03
Brazil life claims paid were BRL 147.7 billion in 2022[3]
04
Brazil non-life expenses ratio was 28.7% in 2022[1]
05
Brazil loss ratio for non-life was 67.8% in 2022[1]
06
Brazil combined ratio for non-life was 96.5% in 2022[1]
07
Brazil average claims severity for motor was BRL 7,450 in 2022[3]
08
Brazil number of reported motor claims was 11.2 million in 2022[3]
09
Brazil average claim processing time for health insurance claims was 41 days in 2022[3]
10
Brazil average claim settlement time for property insurance was 58 days in 2022[3]
11
Brazil underwriting result (non-life) was BRL 18.4 billion in 2022[3]
12
Brazil technical result (life) was BRL 11.1 billion in 2022[3]
13
Brazil claims ratio (non-life) was 69% in 2022[1]
14
Brazil incurred losses (non-life) were BRL 173.0 billion in 2022[3]
15
Brazil earned premiums (non-life) were BRL 255.0 billion in 2022[3]
16
Brazil incurred losses (life) were BRL 140.5 billion in 2022[3]
17
Brazil earned premiums (life) were BRL 237.0 billion in 2022[3]
18
Brazil reinsurance recoverables in 2022 were BRL 22.7 billion[3]
19
Brazil average loss ratio for motor in 2022 was 73.2%[1]
20
Brazil premium growth for motor insurance in 2023 was 9.1%[3]
21
Brazil loss ratio for property insurance in 2022 was 64.8%[1]
22
Brazil loss ratio for liability insurance in 2022 was 70.5%[1]
23
Brazil claim frequency for health insurance was 0.98 claims per policy-year in 2022[3]
24
Brazil average underwriting margin (non-life) was 7.2% in 2022[1]
25
Brazil catastrophe losses in 2022 totaled BRL 6.8 billion[3]
26
Brazil share of claims related to motor accidents was 41% in 2022[3]
27
Brazil share of claims related to property damage was 25% in 2022[3]
28
Brazil share of claims related to health events was 18% in 2022[3]
29
Brazil claim reserve releases were BRL 3.1 billion in 2022[3]
30
Brazil change in outstanding claims reserves was BRL -1.4 billion in 2022[3]
Interpretation
Underwriting And Claims Interpretation
In 2022, Brazil’s underwriting and claims performance looked solid as insurers paid BRL 293.6 billion in total claims, while non life showed a 67.8% loss ratio and a 96.5% combined ratio, supported by non life expenses of 28.7%.
03 · Category
Customer And Distribution30 stats
01
Brazil policyholder complaint rate (per 10,000 policies) was 2.8 in 2022[5]
02
Percent of Brazilians with private insurance (health/other) was 23% in 2022[6]
03
Number of insurance intermediaries (correspondents/agents) in Brazil was 1.2 million in 2023[3]
04
Brazil bank distribution share of life premiums was 61% in 2023[2]
05
Brazil bank distribution share of non-life premiums was 23% in 2023[2]
06
Brazil share of premiums sold via brokers/agents was 44% in 2023[2]
07
Brazil share of premiums sold via direct channels was 19% in 2023[2]
08
Brazil online sales share of insurance premiums was 6% in 2023[2]
09
Brazil mobile app usage among policyholders was 32% in 2023[2]
10
NPS (Net Promoter Score) for insurance providers in Brazil was 21 in 2023[2]
11
Brazil average policy renewal rate was 74% in 2023[3]
12
Brazil lapse rate for life insurance was 9.5% in 2022[3]
13
Brazil lapse rate for non-life insurance was 14.2% in 2022[3]
14
Brazil share of insurance holders who are urban (vs rural) was 84% in 2022[4]
15
Brazil share of insured households was 29% in 2022[6]
16
Brazil share of consumers comparing quotes online was 38% in 2023[7]
17
Brazil average time to purchase a policy (online) was 6 minutes in 2023[2]
18
Brazil share of claim settlements completed electronically was 27% in 2023[2]
19
Brazil number of insurance customers reached 171 million in 2022[3]
20
Average age of insurance policyholders in Brazil was 43 in 2023[2]
21
Share of female policyholders in Brazil was 52% in 2023[2]
22
Share of youth (18–24) policyholders was 6% in 2023[2]
23
Brazil share of insurance customers paying via payroll deduction was 18% in 2023[3]
24
Brazil share of customers using credit-card installments to pay premiums was 22% in 2023[2]
25
Brazil average premium affordability ratio (premium/GDI) for middle-income households was 2.1% in 2022[8]
26
Percent of consumers aware of insurance as a financial product was 71% in 2023[2]
27
Consumer complaint volumes about insurance in Brazil were 142,000 in 2022[5]
28
Percent of complaints related to claim denials was 29% in 2022[5]
29
Percent of complaints resolved within 30 days was 46% in 2022[5]
30
Brazil market share of insurers affiliated with banks was 52% in 2023[2]
Interpretation
Customer And Distribution Interpretation
In Brazil’s customer and distribution landscape, private insurance penetration is still only 23% in 2022, while complaints are relatively low at 2.8 per 10,000 policies, even as a large and diverse distribution network of 1.2 million intermediaries and broker or agent channels driving 44% of premiums coexist with banks leading life premiums at 61% and holding 23% of non-life premiums.
More related reading
04 · Category
Regulation, Solvency, And Capital30 stats
01
Solvency II-style regime in Brazil (SUSEP) based on Solvency Capital Requirement (SCR): SCR = 100% of basic capital requirement (BCR) (macro parameter)[9]
02
Brazil uses technical provisions calculation rules (Provisões Técnicas) for insurers under SUSEP regulations[9]
03
Brazil has capital adequacy rules for insurers with minimum equity requirements (Patrimônio Líquido Ajustado)[9]
04
Brazil’s risk-based solvency framework introduced under CNSP/SUSEP Resolution 348/2016 (Solvency for insurers)[9]
05
Brazil’s CNSP Resolution 392/2020 established Solvency II implementation timetable (SCR, MCR)[9]
06
Brazil CNSP Resolution 433/2021 set criteria for capital adequacy and risk management[9]
07
SUSEP created the “Plano de Contas” (accounting plan) required for insurers with specific chart-of-accounts rules[9]
08
Brazil insurance consumer protection law is Law No. 8.078/1990 (CDC) applicable to insurance contracts[10]
09
Brazil insurance-specific consumer contract regulation includes standard clauses and disclosure obligations under SUSEP[9]
10
Brazil Anti-Money Laundering Law (Law 9.613/1998) applies to insurers and intermediaries[10]
11
Brazil’s LGPD (General Data Protection Law) Law 13.709/2018 applies to insurers processing personal data[10]
12
Brazil’s minimum capital requirement for insurance companies is based on “Capital Mínimo” rules under SUSEP[9]
13
In Brazil, SUSEP requires periodic reporting of solvency and technical provisions (monthly)[9]
14
SUSEP enforces Minimum Capital and Solvency requirements using the “Margem de Solvência” concept[9]
15
SUSEP operates the “Plano de Contas” and periodic “Demonstrativos” submission deadlines (monthly)[9]
16
Brazil requires insurers to maintain “Provisões Técnicas” covering underwriting liabilities[9]
17
Brazil has a guarantee fund for certain insurance products under “Fundo Garantidor” rules (specific line-dependent)[9]
18
Brazil’s IRFS (Annual financial statements) reporting deadline is typically within 60 days after fiscal year-end[9]
19
SUSEP requires external auditing for insurers with specific auditor qualifications[9]
20
SUSEP regulation requires actuarial function (responsible actuary) for technical provisions[9]
21
Brazil requires risk management structures under SUSEP for insurers (Risco de Mercado, Crédito, etc.)[9]
22
Brazil’s “SUSEP Circular” rules for reporting are updated via periodic circular letters[9]
23
Brazil’s CNSP sets solvency and policyholder protection rules through resolutions[9]
24
Brazil’s regulator SUSEP is authorized under Decree-Law 73/1966 (insurance regulation framework)[10]
25
Brazil introduced “Ramos e Planos” product taxonomy through SUSEP regulations[9]
26
Brazil insurance intermediaries must be authorized and registered at SUSEP[9]
27
Brazil requires brokers/agents to follow professional conduct and disclosure requirements[9]
28
Brazil requires insurers to provide policyholder notices and transparency of coverage limits[9]
29
Brazil’s financial statements must follow Brazilian accounting standards (CPC) applicable to insurers[11]
30
Brazil’s insurance accounting and reporting follows IFRS-related Brazilian standards (CPC)[12]
Interpretation
Regulation, Solvency, And Capital Interpretation
Brazil’s Regulation, Solvency, And Capital framework is steadily aligning to a Solvency II model by using a Solvency Capital Requirement set at 100% of the basic capital requirement under SUSEP, reinforced by successive CNSP/SUSEP resolutions that codify technical provisions and minimum adjusted equity along with a defined SCR and MCR implementation timetable.
05 · Category
Technology, Esg, And Investments30 stats
01
Percent of insurance companies publishing ESG reports increased to 18% in 2023[3]
02
Brazil insurance industry investments in fixed income securities were BRL 650.0 billion in 2023[3]
03
Brazil insurers’ investment allocation to government bonds was 45% in 2023[3]
04
Brazil insurers’ investment allocation to corporate bonds was 20% in 2023[3]
05
Brazil insurers’ investment allocation to equities was 8% in 2023[3]
06
Brazil insurers’ investment allocation to real estate was 6% in 2023[3]
07
Brazil insurers’ investment allocation to structured products was 11% in 2023[3]
08
Brazil insurers’ investment allocation to cash/deposits was 10% in 2023[3]
09
Brazil insurers’ average net investment yield was 10.3% in 2023[3]
10
Brazil insurers’ average technical interest rate (life) credited was 4.2% in 2023[3]
11
Brazil insurers’ interest expenses were BRL 14.6 billion in 2022[3]
12
Brazil insurers’ net investment income was BRL 93.2 billion in 2022[3]
13
Share of insurers using cloud services for policy administration was 42% in 2023[2]
14
Share of claims submitted with digital documentation was 63% in 2023[2]
15
Insurtech fundraising in Brazil (insurance/insurtech) reached USD 1.1 billion in 2022[13]
16
Number of insurance-related patents filed in Brazil increased by 14% in 2021–2022[14]
17
Brazil Insurtech startups using AI for underwriting was 38% in 2023[2]
18
Share of insurers with automated claims triage was 55% in 2023[2]
19
Brazil adoption of RPA (robotic process automation) in insurers was 47% in 2023[2]
20
Brazil insurers using telematics for auto underwriting was 26% in 2023[2]
21
Brazil insurers using IoT in property insurance was 9% in 2023[2]
22
Share of insurers that offer paperless policy documents was 74% in 2023[2]
23
Share of insurers using e-signatures for policy issuance was 88% in 2023[2]
24
Brazil insurers’ technology spending was BRL 19.5 billion in 2023[3]
25
Brazil insurance industry cyber risk incidents were 214 incidents in 2022[15]
26
Share of insurers with ISO 27001 certification was 31% in 2023[16]
27
Brazil insurers with formal ESG policy was 62% in 2023[3]
28
Brazil insurers investing in green bonds (assets) were BRL 28.4 billion in 2023[17]
29
Brazil insurers investments in renewable energy projects were BRL 12.7 billion in 2023[3]
30
Brazil insurers exposure to transition risk (carbon-intensive sectors) was 18% of corporate bond holdings in 2023[3]
Interpretation
Technology, Esg, And Investments Interpretation
In Brazil’s technology, ESG, and investments landscape, the share of insurers publishing ESG reports rose to 18% in 2023 while their portfolios remained heavily concentrated in fixed income, with 45% in government bonds and a combined 28% in corporate bonds and equities, showing how ESG momentum is building even as investment strategies stay largely traditional.
Reference
Cite This Report
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APA
Christopher Morgan. (2026, February 13). Brazil Insurance Industry Statistics. Gitnux. https://gitnux.org/brazil-insurance-industry-statistics
MLA
Christopher Morgan. "Brazil Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/brazil-insurance-industry-statistics.
Chicago
Christopher Morgan. 2026. "Brazil Insurance Industry Statistics." Gitnux. https://gitnux.org/brazil-insurance-industry-statistics.
Sources & references
21 sources cited across this report