Biggest insurance companies in Brazil 2022-2023, by premium revenue

In 2023, Bradesco Seguros was the biggest insurance company in Brazil based on revenue from premiums. In that year, the company registered assets amounting to more than 13 billion U.S. dollars. Porto Seguro ranked second, with approximately nine billion dollars worth of assets. 

Insurance market in Brazil

In 2020, insurance premiums in Brazil accounted for more than three percent of the country’s gross domestic product (GDP), third largest share among Latin American and Caribbean countries, after Puerto Rico and Chile. Within the Portuguese speaking country, life insurance concentrated more than two thirds of the country’s premiums, in comparison to the non-life segment, which includes car, health, accident, among other insurances.

Insurtech in Latin America

Technology is transforming every industry, and the insurance market is not exception. Insurtech companies were created to increase the delivery and security of insurance products. In Latin America, Brazil is the country with the highest number of insurtech startups, followed by Mexico and Argentina. Most of these startups were nascent companies with revenues below 5,000 Brazilian reals.