Insurances

The Insurances market in Brazil is projected to reach a gross written premium of US$132.80bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$101.50bn in the same year.
The average spending per capita in the Insurances market is expected to amount to US$610.20 in 2024.
When comparing with other countries globally, the United States is projected to have the highest nominal value of US$3.8tn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 0.73%, resulting in a market volume of US$137.70bn by 2029.
In global comparison, the United States is projected to generate the most gross written premium in 2024, reaching US$3.8tn.
Brazil's insurance market is experiencing a surge in demand for health insurance due to the country's aging population and rising healthcare costs.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Insurances market in Brazil has been experiencing significant growth and development. Customer preferences in the Brazilian insurance market have been shifting towards more comprehensive coverage options that provide a wide range of benefits. Customers are increasingly looking for insurance products that not only offer financial protection but also additional services such as wellness programs and digital platforms for easy access to information and claims processing. Trends in the market indicate a growing demand for niche insurance products in Brazil. Insurers are now offering specialized insurance packages tailored to specific industries or demographics, such as cyber insurance for businesses and health insurance for elderly populations. This trend is driven by the need for more personalized and targeted insurance solutions in the market. Local special circumstances in Brazil, such as regulatory changes and increasing competition among insurance providers, are influencing the dynamics of the insurance market. The regulatory environment in Brazil is evolving to promote innovation and consumer protection, leading to a more competitive landscape where insurers are constantly improving their products and services to stay ahead. Underlying macroeconomic factors, such as the overall economic stability and rising income levels in Brazil, are also contributing to the growth of the insurance market. As more Brazilians enter the middle class and seek to protect their assets and investments, the demand for insurance products is expected to continue increasing in the coming years. Additionally, the growing awareness of the importance of insurance in mitigating risks and uncertainties is driving more individuals and businesses to invest in various insurance products. Overall, the Insurances market in Brazil is on a positive trajectory, fueled by changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors that are shaping the industry landscape.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.