Brazil General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Brazil General Insurance Market Report Overview
The gross written premium of the Brazil general insurance market was BRL242.6 billion ($47 billion) in 2022. The market is expected to achieve a CAGR of more than 7% during 2023-2027. The Brazil general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Brazil general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
Brazil General Insurance Market Outlook, 2022-2027 (BRL Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Brazil’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | BRL242.6 Billion ($47 Billion) |
CAGR (2023-2027) | >7% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Trends | • ESG
• Focus on Digital Initiatives • Rise in Sales of EVs |
Key Lines of Business | • Non Life PA&H
• Motor • Property • Liability • Financial Lines • MAT • Miscellaneous |
Key Distribution Channels | • Insurance Brokers
• Bank • Direct From Insurer • Others |
Leading Companies | • Bradesco Saúde
• SulAmerica • Amil Assistência • Porto Seguro • Notre Dame Intermedica Saude |
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Brazil General Insurance Market Trends
Focus on ESG, growing adoption of digital initiatives, and the rise in the sale of EVs are some of the market trends impacting the Brazil GI industry. For instance, ESG has been a major theme for all large businesses for a few years now and will remain a central part of any leading business’s strategy over the coming years. It is particularly relevant in insurance due to the costs incurred by many insurers and reinsurers due to the increased severe weather events caused by climate change. The industry also faces the issue of attempting to stop working with large oil and gas providers.
In July 2023, Bradesco Seguros Group issued its first sustainability report for 2022. The group mapped more than 100 sustainable businesses, including products, services, and processes with ESG practices. Moreover, in 2022, the group collaborated with the Task Force on Climate-Related Financial Disclosures (TCFD) to implement ESG requirements.
Brazil General Insurance Market Segmentation by Lines of Business
The key lines of business in the Brazil general insurance market are property, motor, liability, financial lines, miscellaneous, MAT, and non life PA&H among others. Non life PA&H insurance had the highest market share in Brazil general insurance market in 2022. It was followed by motor and property insurance.
The non life PA&H segment is expected to grow in the coming years. Increased awareness, regulatory developments, and growing demand for health-related products are expected to support the PA&H insurance line growth over 2023–2027.
Brazil General Insurance Market Analysis by Lines of Business, 2022 (%)
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Brazil General Insurance Market Segmentation by Distribution Channels
The key distribution channels in the Brazil general insurance market are direct from insurer, insurance brokers, banks, and others. Broker was the most preferred channel for purchasing motor insurance products. Additionally, it was the second-most preferred channel for purchasing home insurance policies. The preference for brokers increases with consumers’ age. This indicates a higher probability of penetration for the aging population by brokers.
Brazil Motor General Insurance Market Analysis by Distribution Channels, 2023 (%)
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Brazil General Insurance Market - Competitive Landscape
Some of the leading insurers in Brazil are Bradesco Saúde, SulAmerica, Amil Assistência, Porto Seguro, and Notre Dame Intermedica Saude among others. Bradesco Saude held the largest share in 2022. It was followed by SulAmerica.
Insurers are focusing on upgrading their mobile applications, the creation of new websites, and the provision of digital policies to increase customer reach through effective communication channels.
Brazil General Insurance Market Analysis, by Companies, 2022 (%)
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Segments Covered in the Report
Brazil General Insurance Market Lines of Business Outlook (Value, BRL Billion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- Miscellaneous
- Non Life PA&H
Brazil General Insurance Distribution Channel Outlook (Value, BRL Billion, 2018-2027)
- Direct From insurer
- Insurance Brokers
- Bank
- Others
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Brazil.
- Historical values for the Brazil general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Brazil and outlines the key regulations affecting them.
Reasons to Buy
- Key insights and dynamics of Brazil’s general insurance segment.
- A comprehensive overview of Brazil’s economy, government initiatives, and investment opportunities.
- Brazil’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Brazil’s general insurance industry’s market structure gives details of lines of business.
- Brazil’s general reinsurance business market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Brazil’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Liberty Seguros
Mapfre
Caixa
Tokio Marine
HDI Seguros
Bradesco Auto/Re
Zurich Minas
Table of Contents
Frequently asked questions
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What was the Brazil general insurance market gross written premium in 2022?
The gross written premium of the Brazil general insurance market was BRL242.6 billion ($47 billion) in 2022.
-
What is Brazil general insurance market growth rate?
The general insurance market in Brazil is expected to achieve a CAGR of more than 7% during 2023-2027.
-
Which line of business holds the largest share of the Brazil general insurance market?
Non-life PA&H was the leading general insurance line of business in the Brazil general insurance market in 2022.
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Which are the key companies operating in the Brazil general insurance market?
Some of the leading insurers in Brazil are Bradesco Saúde, SulAmerica, Amil Assistência, Porto Seguro, and Notre Dame Intermedica Saude among others.
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