Key Insights
The Brazilian insurance market grew by 10.3% year-over-year as of September 2024, with total premiums reaching BRL 153.4 billion.
Non-life coverages contributed BRL 101.8 billion in premiums, while life coverages (excluding VGBL) grew significantly to BRL 51.6 billion, marking a 16.4% increase.
Claims paid by insurers totaled BRL 58.8 billion, reflecting a 10.1% rise compared to September 2023.
Bradesco Vida e Previdência S.A. achieved the highest year-over-year growth in market share, increasing by 0.81%.
The top ten insurers accounted for over half of the market share (52.03%), demonstrating a strong concentration of key players in the industry.
Growth and Performance
Total Revenue Growth: The supervised sector collected R$ 324.55 billion in the first nine months of 2024, marking a 13.4% increase compared to the same period in 2023.
Payouts to Society: Between January and September 2024, the sector returned R$ 180.75 billion to society through indemnities, redemptions, benefits, and lotteries, representing a 6.27% growth over the previous year.
Non-VGBL Insurance Performance: Non-VGBL personal and property insurance accumulated R$ 153.66 billion in premiums from January to September 2024, a 10.52% increase over the same period in 2023. Notably, surety bond insurance collected R$ 1.29 billion in premiums, reflecting a 25.5% growth.
VGBL Contributions: In September 2024 alone, VGBL products received R$ 14.62 billion in contributions. Over the nine-month period, contributions totaled R$ 135.94 billion, an 18.7% rise compared to the same timeframe in the previous year.
Capitalization Products Revenue: Capitalization products generated R$ 23.54 billion in revenue during the first nine months of 2024, showing a 6.5% increase relative to the same period in 2023.
Market Overview & Rankings
The Brazilian insurance market, encompassing all life and non-life coverages while excluding VGBL products analyzed separately, experienced notable growth as of September 2024. Total premiums reached BRL 153.4 billion, a 10.3% nominal increase compared to the same period in 2023. Non-life coverages contributed BRL 101.8 billion, growing by 7.5%, while life coverages (excluding VGBL) reached BRL 51.6 billion, showing a significant 16.4% increase. These figures underscore the sector's resilience and its vital role in Brazil's economic landscape.
The nominal value of claims paid, excluding adjustments, also demonstrated robust growth, increasing by 10.1% year-over-year to BRL 58.8 billion as of September 2024. This reflects the sustained ability of the sector to fulfill its financial obligations to policyholders despite the expanding volume of policies underwritten.
Among insurers, Bradesco Vida e Previdência S.A. led the market in terms of growth in market share, achieving a 0.81% increase year-over-year. Other notable performers include Cardif do Brasil Seguros e Garantias S.A., HDI Seguros S.A., and EZZE Seguros S.A. Such growth dynamics highlight the competitive environment and the strategic efforts of insurers to capture greater portions of the market.
When considering all life and non-life coverages (excluding VGBL products), Porto Seguro Companhia de Seguros Gerais holds the largest market share at 8.0%, followed closely by Brasilseg Companhia de Seguros at 7.9%. The top five insurers collectively account for 33.2% of total premiums, while the top ten dominate 52.03%. The concentrated market structure emphasizes the dominance of key players while leaving room for smaller competitors to gain ground.
The sector's overall positive trajectory is a testament to its ability to adapt to evolving market conditions and customer needs. With significant premium growth, stable claims handling, and strategic expansions by leading insurers, the Brazilian insurance market continues to solidify its importance within the broader financial ecosystem.
