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

The Market is Segmented by Insurance type (Life insurance and Non-life Insurance) and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels).

Market Snapshot

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

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Market Overview

  • The Brazilian life and non-life insurance market is estimated to register 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 toward becoming more liberal and open to innovation, with less intervention by the government. However, it still controls the IRB, the largest local reinsurer authorized to operate in Brazil. There are 313 registered firms and the value of premia at BRL 226.5 billion. In 2018, The Brazilian insurance sector led 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.
  • The Brazilian insurance market turnover totaled BRL 81 billion in the first quarter of 2019, showing a 4.9% 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 were at 3.9% in 2018. The Brazilian insurance market is shaped by influential trends and forces, and 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 Brazilian life and non-life insurance market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. It also analyses the key players and the competitive landscape in the Brazilian life and non-life insurance market.

By Type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Others
By Distribution Channel
Direct
Agency
Banks
Other Distribution Channels

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Key Market Trends

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

The life and non-life insurance market penetration is low in the country. However, there has been 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 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, namely 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 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 and non-life insurance market in Brazil. The market is fragmented, and it is expected to grow in the forecast period due to low penetration in the insurance industry and other few factors.

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 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 Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Bradesco Seguros SA

      2. 6.3.2 MAPFRE VIDA SA

      3. 6.3.3 Porto Seguro Companhia de Seguros Gerais

      4. 6.3.4 Tókio Marine Seguradora SA

      5. 6.3.5 ALIANCA DO BRASIL SEGUROS SA

      6. 6.3.6 Sompo Seguros SA

      7. 6.3.7 BRADESCO VIDA E PREVIDENCIA SA

      8. 6.3.8 Liberty Seguros SA

      9. 6.3.9 ITAU VIDA E PREVIDENCIA SA

      10. 6.3.10 Allianz Seguros SA

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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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 SA, MAPFRE VIDA SA, Porto Seguro Companhia de Seguros Gerais, Tókio Marine Seguradora SA, ALIANCA DO BRASIL SEGUROS SA are the major companies operating in Life & Non-Life Insurance Market.

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