The insurance sector in Brazil is experiencing notable shifts, with key players vying for increased market share. The annual growth in market participation reveals intriguing insights into the industry landscape. Zurich Santander Brasil Seguros e Previdência S.A. leads the pack with a +0.20 growth in market share, showcasing its strategic positioning. Bradesco Vida e Previdência S.A. and Tokio Marine Seguradora S.A. closely follow with 0.14% and 0.13% growth, respectively. Cardif and Sompo Seguros also made notable market share growth (+0.10 and +0.09).
Examining the market from a premium volume perspective, Porto Seguro Companhia de Seguros Gerais stands tall with an 8.4% market share. Brasilseg Companhia de Seguros closely follows at 8.2%, illustrating the robust competition among industry giants. Notably, Tokio Marine Seguradora S.A. secures a 6.6% market share, reinforcing its prominence across different metrics. Bradesco Vida e Previdência S.A. and Mapfre Seguros Gerais S.A. round out the top five, each contributing significantly to the overall market dynamics.
The cumulative market shares of the leading insurers offer a broader perspective on industry concentration. The top five insurers amass a collective 33.6% market share, indicating a concentrated but competitive landscape. The reach extends further as the top ten insurers capture 53.03%, emphasizing the significance of strategic alliances and customer-centric approaches. The dominance expands even more with the top twenty insurers, accounting for an impressive 74.27% market share.
Market overview
In 2023, the total insurance market segments in Brazil totaled R$ 388.03 billion, a 9% increase from 2022. Damage insurance saw a 10.5% increase in premium revenue in 2023 compared to 2022, with R$ 126.9 billion collected in 2023, compared to R$ 114.9 billion in the same period of the previous year.
Life insurance and VGBL accounted for R$ 215.02 billion in 2023, representing an 8.9% growth from the previous year. Auto insurance premiums amounted to R$ 55.8 billion in 2023, a 9.4% increase from 2022, and represented 44.4% of the total damage insurance premiums.
Excluding auto, the performance of the other lines of damage insurance business in 2023 was 11.1% higher than in 2022, showing a growth of R$ 7.02 billion in premium revenue. Special Risk lines - Property, Energy, and Financial had growth above 20% in 2023 compared to 2022. Comprehensive insurance, with 17.6%, and rental guarantee, with 17.2%, also had robust growth in 2023.
The life insurance segment (without VGBL) presented a total of R$ 60.6 billion premiums in 2023, an increase of 7.8% compared to 2022. Life insurance (individual and group) had a collection of R$ 46.3 billion in 2023, a growth of 8% compared to the previous year.
Contributions to VGBL totaled R$ 153.27 billion in 2023, 9.2% higher than in 2022. The total redemptions in 2023 increased by 2.8% compared to the volume redeemed in the previous year. Also in 2023, contributions exceeded redemptions by R$ 41.41 billion.
