Non-life insurances - Brazil | Statista Market Forecast

The Non-life insurance market in Brazil is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$101.50bn.
This indicates a strong demand for insurance coverage in the country.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$466.40 in 2024.
This suggests that individuals in Brazil are increasingly recognizing the importance of insurance protection.
Looking ahead, the market is anticipated to continue expanding at a steady pace.
With an annual growth rate (CAGR 2024-2029) of 1.25%, the gross written premium is expected to reach US$108.00bn by 2029.
This growth reflects the increasing awareness and adoption of insurance products among the population.
In terms of global comparison, the United States is expected to generate the highest gross written premium in the Non-life insurance market.
By 2024, it is projected to reach a staggering US$2.5tn.
This highlights the dominance of the US market and its significant contribution to the global insurance industry.
Overall, the Non-life insurance market in Brazil is poised for steady growth, driven by a rising demand for insurance coverage and increased awareness among individuals.
The projected market size and spending per capita demonstrate the potential for further development in the coming years.
The non-life insurance market in Brazil is experiencing a surge in demand due to increasing awareness about the importance of insurance coverage for property, vehicles, and personal belongings.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

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

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.

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.