Contact
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
In recent years, the Non-life insurances market in Brazil has been experiencing significant growth and development.
Customer preferences: Customers in Brazil are increasingly seeking non-life insurance products that offer comprehensive coverage at competitive prices. They are also showing a preference for digital channels for purchasing insurance policies, as it offers convenience and accessibility. Additionally, there is a growing demand for non-life insurance products that cater to specific needs, such as property insurance for homes and businesses, as well as motor vehicle insurance.
Trends in the market: One of the key trends in the non-life insurance market in Brazil is the increasing adoption of technology and data analytics. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer personalized insurance products. Another notable trend is the rise of Insurtech companies that are disrupting the traditional insurance market by providing innovative solutions and digital platforms to customers.
Local special circumstances: Brazil has a large population with a growing middle class, which is driving the demand for non-life insurance products. The country also experiences natural disasters such as floods and hurricanes, which highlight the importance of having adequate property insurance coverage. Moreover, the regulatory environment in Brazil is evolving, with new regulations aimed at increasing transparency and consumer protection in the insurance sector.
Underlying macroeconomic factors: The economic stability and growth in Brazil are contributing to the development of the non-life insurance market. As the economy expands, individuals and businesses are more willing to invest in insurance products to protect their assets and mitigate risks. Additionally, the low insurance penetration rate in Brazil compared to other countries presents significant growth opportunities for insurers in the non-life insurance segment.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)