Life & Non-Life Insurance Market in Brazil - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Life & Non-Life Insurance Market in Brazil. The market is segmented by Insurance Type (Life insurance and Non-Life Insurance) by Distribution Channel (Direct, Agency, Banks, and Others)

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2021
CAGR: <3 %

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Market Overview

  • The Life & Non-Life Insurance Market in Brazil is estimated to grow at a CAGR of approximately 3% during the forecast period.
  • The insurance market grew between 11% to 12.5% in 2018.  The current very bureaucratic regulatory regime is moving towards becoming more liberal and open to innovation, with less intervention by the government, although it still controls the IRB, the largest local reinsurer authorized to operate in Brazil. There are 313 registered firms and value of premia at BRL 226.5 Billion. In 2018, The Brazilian insurance sector leads in revenues collection from premiums in Latin America, Assets of approximately BRL 1 trillion and annual revenue from premiums represents about 6.5% of the GDP. The insurance sector plays an important role in the Brazilian economy and society as it contributes significantly to the development of infrastructure, the creation of jobs and income, and the accumulation of savings.
  • Brazilian insurance market turnover totaled BRL 81 billion in the first quarter of 2019, showing a 4.9 percent increase over the same period last year, the penetration of insurance premiums was just 6.5% in 2018 and Life and non-life insurance penetration was at 3.9% in 2018. Brazil Insurance market is being shaped by influential trends and forces, the macroeconomic picture is smothering growth through volatility in interest and exchange rates, as well as inflation and high unemployment. On the regulatory front, public pension reforms, the looming implementation of IFRS 17 and risk-based capital requirements for health insurance are placing new demands on the industry.

Scope of the Report

This report aims to provide a detailed analysis of the Life & Non-Life Insurance Market in Brazil. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Life & Non-Life Insurance Market in Brazil.

By Insurance Type
Life Insurance
Individual
Group
Non-Life Insurance
Home
Motor
Others
By channel of distribution
Direct
Agency
Banks
Others

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Key Market Trends

Low Penetration of Life and Non-Life Insurance turns out to be an opportunity:

Life and Non-Life insurance market penetration is low in the country, however, there has been a slow growth since 2008 due to the development of life insurance policies. In 2018, the Gross premium written for Life and Non-Life was at USD 39 Billion and USD 34 Billion. Low penetration of life and non-life insurance in the country is an advantage, as it helps new entrants to grab the opportunity and acquire a good number of market share by providing better services compared to other companies and utilizing the competitive advantage. To meet customer demand, build customer loyalty and take advantage of the opportunities offered by digital technology, insurance companies are stepping up their efforts in product innovation, largely in the non-life sector. To tackle the rise of connected devices, insurers are investing in this new niche and launching connected insurance solutions in three key areas: motor, home, and health.

t1

Smart Phones helps insurers to gather evidence:

More than 70% of the population in Latin America now has access to a smartphone that connects them to the Internet and allows them to gather accurate, real-time data on incidents that can help insurers make claims faster. Most insurers are dealing with inefficient and siloed legacy systems along with the need to adopt digital technologies, particularly in the areas of data analytics and robotic process automation (RPA). Emerging market segments such as small and medium-sized enterprises (SMEs) and class C, D and E corporations must also be focused as potential sources of growth. More customers are adopting digital channels and, as in other nations, they expect more than ever from insurers, as they do from other types of businesses. Product portfolios are also evolving, with combined products and new life and pension products taking on a higher profile. Pay-per-use products have also been approved. There is continuing evolution on the distribution front as well, thanks to the growing professionalization of brokers, the ongoing rise of direct and digital channels, growing significance of bancassurance and partnerships, and focus on increasing sales via social media.

t2

Competitive Landscape

The report covers the major players operating in the Life & Non-Life Insurance Market in Brazil. The market is fragmented, the market is expected to grow in the forecast period due to low penetration in the insurance industry and other few factors will drive the market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-Life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Others

    2. 5.2 By channel of distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Bradesco Seguros S/A

      2. 6.3.2 MAPFRE VIDA S/A

      3. 6.3.3 Porto Seguro Companhia de Seguros Gerais

      4. 6.3.4 Tókio Marine Seguradora S/A

      5. 6.3.5 ALIANCA DO BRASIL SEGUROS S/A.

      6. 6.3.6 Sompo Seguros S/A.

      7. 6.3.7 BRADESCO VIDA E PREVIDENCIA S/A

      8. 6.3.8 Liberty Seguros S/A

      9. 6.3.9 ITAU VIDA E PREVIDENCIA S.A.

      10. 6.3.10 Allianz Seguros S/A

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Life & Non-Life Insurance Market market is studied from 2016 - 2026.

The Life & Non-Life Insurance Market is growing at a CAGR of <3% over the next 5 years.

Bradesco Seguros S/A, MAPFRE VIDA S/A, Porto Seguro Companhia de Seguros Gerais, Tókio Marine Seguradora S/A, Allianz Seguros S/A are the major companies operating in Life & Non-Life Insurance Market.

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