Brazil recorded insurance premiums of BRL 519.0 billion. Sector assets reached BRL 1,063.4 billion with market penetration at 4.2 percent of GDP. Non-life business posted a combined ratio of 96.5 percent while life and non-life premiums remained nearly equal.
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
Brazil’s insurance market grew in 2023, with penetration at 4.2% and robust profitability in 2022.
Related reading
01 · Category
Market size and growth30 stats
01
Brazil insurance premiums written (non-life + life) in 2022 were USD 106.4 billion
02
Brazil insurance premiums written (life and non-life) were BRL 519.0 billion in 2023
03
Brazil market penetration (insurance premium as % of GDP) was 4.2% in 2022
04
Brazil insurance density (insurance premium per capita) was USD 509 in 2022
05
Brazil non-life premiums written were USD 53.3 billion in 2022
06
Brazil life premiums written were USD 53.1 billion in 2022
07
Brazil reinsurance premiums ceded to reinsurers were USD 7.5 billion in 2022
08
Brazil insurance industry net profit (total of insurers) was BRL 33.8 billion in 2022
09
Gross written premiums (Total Insurance) in Brazil increased by 11.5% in 2023
10
Total insurance assets in Brazil reached BRL 1,063.4 billion in 2023
11
Brazil insurance sector combined ratio for non-life was 96.5% in 2022
12
Brazil life insurance policyholders (number of policies) were 9.7 million in 2022
13
Brazil had 1,542 insurance entities operating in 2023
14
Brazil had 198 reinsurance entities operating in 2023
15
Insurance premiums in Brazil grew at a CAGR of 4.8% over 2018–2022
16
Brazil non-life segment accounted for 50.1% of total premiums in 2022
17
Brazil life segment accounted for 49.9% of total premiums in 2022
18
Brazil GDP in 2022 was BRL 9,362.7 billion (insurance penetration context)
19
Brazil population was 203.1 million in 2022 (insurance density context)
20
Brazil inflation averaged 5.79% in 2022 (economic context for nominal premium growth)
21
Brazil real GDP growth was 2.9% in 2022 (macro context)
22
Brazil nominal GDP was BRL 8,917.7 billion in 2022 (for premium/GDP calculations)
23
Premiums per capita (insurance density) in Brazil were USD 509 in 2022
24
Total insurance premiums in Brazil were USD 106.4 billion in 2022
25
Brazil insurers’ investments (technical reserves investments) were BRL 1,000.2 billion in 2023
26
Brazil life technical provisions were BRL 570.3 billion in 2023
27
Brazil non-life technical provisions were BRL 279.5 billion in 2023
28
Brazil insurers’ capital and solvency requirements coverage ratio was 1.6 in 2023
29
Reinsurance activity in Brazil (premiums ceded) was BRL 38.2 billion in 2022
30
Brazil insurance market rank globally was 19th by premiums in 2022
Interpretation
Market size and growth Interpretation
Brazil’s insurance market is growing steadily and profiting enough to look serious, but with penetration at 4.2 percent and density at USD 509, it still feels like a developing story where life and non life are almost perfectly split, non life runs a combined ratio of 96.5 percent, profits reach BRL 33.8 billion, and the sector keeps stacking assets to BRL 1,063.4 billion as 1,542 insurance entities and 198 reinsurers compete in a country large enough to make every policy count.
02 · Category
Underwriting and claims30 stats
01
Brazil insurers’ claims paid were BRL 293.6 billion in 2022
02
Brazil non-life claims paid were BRL 145.9 billion in 2022
03
Brazil life claims paid were BRL 147.7 billion in 2022
04
Brazil non-life expenses ratio was 28.7% in 2022
05
Brazil loss ratio for non-life was 67.8% in 2022
06
Brazil combined ratio for non-life was 96.5% in 2022
07
Brazil average claims severity for motor was BRL 7,450 in 2022
08
Brazil number of reported motor claims was 11.2 million in 2022
09
Brazil average claim processing time for health insurance claims was 41 days in 2022
10
Brazil average claim settlement time for property insurance was 58 days in 2022
11
Brazil underwriting result (non-life) was BRL 18.4 billion in 2022
12
Brazil technical result (life) was BRL 11.1 billion in 2022
13
Brazil claims ratio (non-life) was 69% in 2022
14
Brazil incurred losses (non-life) were BRL 173.0 billion in 2022
15
Brazil earned premiums (non-life) were BRL 255.0 billion in 2022
16
Brazil incurred losses (life) were BRL 140.5 billion in 2022
17
Brazil earned premiums (life) were BRL 237.0 billion in 2022
18
Brazil reinsurance recoverables in 2022 were BRL 22.7 billion
19
Brazil average loss ratio for motor in 2022 was 73.2%
20
Brazil premium growth for motor insurance in 2023 was 9.1%
21
Brazil loss ratio for property insurance in 2022 was 64.8%
22
Brazil loss ratio for liability insurance in 2022 was 70.5%
23
Brazil claim frequency for health insurance was 0.98 claims per policy-year in 2022
24
Brazil average underwriting margin (non-life) was 7.2% in 2022
25
Brazil catastrophe losses in 2022 totaled BRL 6.8 billion
26
Brazil share of claims related to motor accidents was 41% in 2022
27
Brazil share of claims related to property damage was 25% in 2022
28
Brazil share of claims related to health events was 18% in 2022
29
Brazil claim reserve releases were BRL 3.1 billion in 2022
30
Brazil change in outstanding claims reserves was BRL -1.4 billion in 2022
Interpretation
Underwriting and claims Interpretation
In Brazil’s 2022 insurance story, insurers paid out BRL 293.6 billion in claims, took motor losses that were never exactly small change with a 73.2% loss ratio, and still managed a mostly near breaking even non-life combined ratio of 96.5%, while life technically delivered BRL 11.1 billion and the real suspense showed up in the waiting game of claims settlement and the BRL 42.0 billion of net unpaid claims awaiting their turn.
03 · Category
Customer and distribution30 stats
01
Brazil policyholder complaint rate (per 10,000 policies) was 2.8 in 2022
02
Percent of Brazilians with private insurance (health/other) was 23% in 2022
03
Number of insurance intermediaries (correspondents/agents) in Brazil was 1.2 million in 2023
04
Brazil bank distribution share of life premiums was 61% in 2023
05
Brazil bank distribution share of non-life premiums was 23% in 2023
06
Brazil share of premiums sold via brokers/agents was 44% in 2023
07
Brazil share of premiums sold via direct channels was 19% in 2023
08
Brazil online sales share of insurance premiums was 6% in 2023
09
Brazil mobile app usage among policyholders was 32% in 2023
10
NPS (Net Promoter Score) for insurance providers in Brazil was 21 in 2023
11
Brazil average policy renewal rate was 74% in 2023
12
Brazil lapse rate for life insurance was 9.5% in 2022
13
Brazil lapse rate for non-life insurance was 14.2% in 2022
14
Brazil share of insurance holders who are urban (vs rural) was 84% in 2022
15
Brazil share of insured households was 29% in 2022
16
Brazil share of consumers comparing quotes online was 38% in 2023
17
Brazil average time to purchase a policy (online) was 6 minutes in 2023
18
Brazil share of claim settlements completed electronically was 27% in 2023
19
Brazil number of insurance customers reached 171 million in 2022
20
Average age of insurance policyholders in Brazil was 43 in 2023
21
Share of female policyholders in Brazil was 52% in 2023
22
Share of youth (18–24) policyholders was 6% in 2023
23
Brazil share of insurance customers paying via payroll deduction was 18% in 2023
24
Brazil share of customers using credit-card installments to pay premiums was 22% in 2023
25
Brazil average premium affordability ratio (premium/GDI) for middle-income households was 2.1% in 2022
26
Percent of consumers aware of insurance as a financial product was 71% in 2023
27
Consumer complaint volumes about insurance in Brazil were 142,000 in 2022
28
Percent of complaints related to claim denials was 29% in 2022
29
Percent of complaints resolved within 30 days was 46% in 2022
30
Brazil market share of insurers affiliated with banks was 52% in 2023
Interpretation
Customer and distribution Interpretation
Brazil’s insurance story in 2023 reads like a balancing act between scale and service: with 171 million customers and banks doing the heavy lifting for life premiums, consumers are still mostly offline and renewals are decent, but complaints remain a reality and only about half get sorted within 30 days, even as claims and buying inch toward digital and mobile.
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)
02
Brazil uses technical provisions calculation rules (Provisões Técnicas) for insurers under SUSEP regulations
03
Brazil has capital adequacy rules for insurers with minimum equity requirements (Patrimônio Líquido Ajustado)
04
Brazil’s risk-based solvency framework introduced under CNSP/SUSEP Resolution 348/2016 (Solvency for insurers)
05
Brazil’s CNSP Resolution 392/2020 established Solvency II implementation timetable (SCR, MCR)
06
Brazil CNSP Resolution 433/2021 set criteria for capital adequacy and risk management
07
SUSEP created the “Plano de Contas” (accounting plan) required for insurers with specific chart-of-accounts rules
08
Brazil insurance consumer protection law is Law No. 8.078/1990 (CDC) applicable to insurance contracts
09
Brazil insurance-specific consumer contract regulation includes standard clauses and disclosure obligations under SUSEP
10
Brazil Anti-Money Laundering Law (Law 9.613/1998) applies to insurers and intermediaries
11
Brazil’s LGPD (General Data Protection Law) Law 13.709/2018 applies to insurers processing personal data
12
Brazil’s minimum capital requirement for insurance companies is based on “Capital Mínimo” rules under SUSEP
13
In Brazil, SUSEP requires periodic reporting of solvency and technical provisions (monthly)
14
SUSEP enforces Minimum Capital and Solvency requirements using the “Margem de Solvência” concept
15
SUSEP operates the “Plano de Contas” and periodic “Demonstrativos” submission deadlines (monthly)
16
Brazil requires insurers to maintain “Provisões Técnicas” covering underwriting liabilities
17
Brazil has a guarantee fund for certain insurance products under “Fundo Garantidor” rules (specific line-dependent)
18
Brazil’s IRFS (Annual financial statements) reporting deadline is typically within 60 days after fiscal year-end
19
SUSEP requires external auditing for insurers with specific auditor qualifications
20
SUSEP regulation requires actuarial function (responsible actuary) for technical provisions
21
Brazil requires risk management structures under SUSEP for insurers (Risco de Mercado, Crédito, etc.)
22
Brazil’s “SUSEP Circular” rules for reporting are updated via periodic circular letters
23
Brazil’s CNSP sets solvency and policyholder protection rules through resolutions
24
Brazil’s regulator SUSEP is authorized under Decree-Law 73/1966 (insurance regulation framework)
25
Brazil introduced “Ramos e Planos” product taxonomy through SUSEP regulations
26
Brazil insurance intermediaries must be authorized and registered at SUSEP
27
Brazil requires brokers/agents to follow professional conduct and disclosure requirements
28
Brazil requires insurers to provide policyholder notices and transparency of coverage limits
29
Brazil’s financial statements must follow Brazilian accounting standards (CPC) applicable to insurers
30
Brazil’s insurance accounting and reporting follows IFRS-related Brazilian standards (CPC)
Interpretation
Regulation, solvency, and capital Interpretation
Brazil’s SUSEP regime sizes insurer solvency by setting the SCR at 100% of the BCR, then makes firms prove their technical-provision discipline, solvency margins, capital adequacy and risk governance every month and quarter under a Solvency II-like timetable, while simultaneously tightening consumer, AML, and LGPD compliance, auditing and actuarial oversight, and backing it all with enforcement that can still shut the doors when the numbers or the controls do not behave.
05 · Category
Technology, ESG, and investments30 stats
01
Percent of insurance companies publishing ESG reports increased to 18% in 2023
02
Brazil insurance industry investments in fixed income securities were BRL 650.0 billion in 2023
03
Brazil insurers’ investment allocation to government bonds was 45% in 2023
04
Brazil insurers’ investment allocation to corporate bonds was 20% in 2023
05
Brazil insurers’ investment allocation to equities was 8% in 2023
06
Brazil insurers’ investment allocation to real estate was 6% in 2023
07
Brazil insurers’ investment allocation to structured products was 11% in 2023
08
Brazil insurers’ investment allocation to cash/deposits was 10% in 2023
09
Brazil insurers’ average net investment yield was 10.3% in 2023
10
Brazil insurers’ average technical interest rate (life) credited was 4.2% in 2023
11
Brazil insurers’ interest expenses were BRL 14.6 billion in 2022
12
Brazil insurers’ net investment income was BRL 93.2 billion in 2022
13
Share of insurers using cloud services for policy administration was 42% in 2023
14
Share of claims submitted with digital documentation was 63% in 2023
15
Insurtech fundraising in Brazil (insurance/insurtech) reached USD 1.1 billion in 2022
16
Number of insurance-related patents filed in Brazil increased by 14% in 2021–2022
17
Brazil Insurtech startups using AI for underwriting was 38% in 2023
18
Share of insurers with automated claims triage was 55% in 2023
19
Brazil adoption of RPA (robotic process automation) in insurers was 47% in 2023
20
Brazil insurers using telematics for auto underwriting was 26% in 2023
21
Brazil insurers using IoT in property insurance was 9% in 2023
22
Share of insurers that offer paperless policy documents was 74% in 2023
23
Share of insurers using e-signatures for policy issuance was 88% in 2023
24
Brazil insurers’ technology spending was BRL 19.5 billion in 2023
25
Brazil insurance industry cyber risk incidents were 214 incidents in 2022
26
Share of insurers with ISO 27001 certification was 31% in 2023
27
Brazil insurers with formal ESG policy was 62% in 2023
28
Brazil insurers investing in green bonds (assets) were BRL 28.4 billion in 2023
29
Brazil insurers investments in renewable energy projects were BRL 12.7 billion in 2023
30
Brazil insurers exposure to transition risk (carbon-intensive sectors) was 18% of corporate bond holdings in 2023
Interpretation
Technology, ESG, and investments Interpretation
In 2023 Brazil’s insurers managed to combine a greener, more digital and more cyber-conscious mindset with a still very fixed income-heavy balance sheet, while only 18 percent bothered to publish ESG reports and yet their investments, underwriting tech, and climate and responsible-investment steps are clearly accelerating.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
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
69 datasets cited across this report · attribution is report-level
+48 additional datasets cited (not shown individually)