The Brazilian insurance market has shown solid growth in 2024, reflecting the sector's resilience and adaptability in a challenging economic environment. The data provided excludes VGBL (Vida Gerador de Benefício Livre) coverages, which are analyzed in a separate report, and focuses on all other Life and Non-Life coverages.
As of June 2024, the total premiums in the Brazilian insurance market reached BRL 99.771 million, representing an 11.1% nominal year-over-year increase compared to BRL 89.821 million in June 2023. This growth was driven by both Life (excluding VGBL) and Non-Life segments. The Non-Life segment saw an 8.5% increase, with premiums rising from BRL 61.067 million in June 2023 to BRL 66.286 million in June 2024. The Life segment, excluding VGBL, experienced an even more significant growth of 16.5%, with premiums climbing from BRL 28.754 million to BRL 33.485 million over the same period.
In terms of claims, the market reported BRL 39.040 million in June 2024, up 6.3% from BRL 36.719 million in June 2023. This indicates a moderate increase in claims, which is slightly below the growth rate of premiums, suggesting improved risk management and underwriting practices across the sector.
Direct Premiums market share growth ranking
The ranking of insurers with the most significant growth in market share reflects the dynamic nature of the Brazilian insurance market. Zurich Santander Brasil Seguros S.A. led the growth, expanding its market share by 1.10%. It was followed by Bradesco Vida e Previdência S.A. with a 0.67% increase, and Cardif do Brasil Seguros e Garantias S.A. with a 0.45% rise. Other notable insurers in this category include Facta Seguradora and Ezze Seguros S.A., with market share growth of 0.35% and 0.23%, respectively.
In terms of market share based on premium volume, Porto Seguro Companhia de Seguros Gerais holds the top position with 8.0% of the market. Brasilseg Companhia de Seguros follows closely with a 7.4% share, and Tokio Marine Seguradora S.A. ranks third with 6.3%.
The top ten insurers, which include Bradesco Vida e Previdência S.A., MAPFRE Seguros Gerais S.A., Bradesco Auto/RE Companhia de Seguros, Allianz Seguros S.A., Liberty Seguros S.A., Zurich Santander Brasil Seguros e Previdência S.A., and Itau Seguros S.A., collectively account for 50.96% of the total market share. The combined market share of the top five insurers stands at 32.4%, while the top twenty insurers together control 71.92% of the market.
These figures underscore the concentration of market power among a few leading players, yet also highlight the competitive environment, where smaller insurers are increasingly gaining ground. The Brazilian insurance market continues to evolve, with significant growth potential, particularly in the Life segment and ongoing shifts in market dynamics driven by the performance of leading and emerging insurers.
PROFILES OVERVIEW
Top5 Ranking by Direct Premiums (Life and non-Life, excluding VGBL)
#1
PORTO SEGURO COMPANHIA DE SEGUROS GERAIS
#2
BRASILSEG
#3
TOKIO MARINE
#4
BRADESCO VIDA
#5
MAPFRE SEGUROS GERAIS
