INSURANCE IN BRAZIL, COMPETITIVE AND TECHNICAL ANALYSIS BY INSURER MARKET REPORT
The Brazilian insurance market closed September 2025 with solid momentum across both Life and Non-Life lines, confirming the sector’s ability to expand even amid a mixed macroeconomic backdrop. All figures presented in this report refer strictly to Life and Non-Life insurance coverages and exclude VGBL products, which are analyzed separately in a dedicated report.
By the end of September 2025, total premiums reached 164.826 million Reais, rising from 153.395 million Reais in the same period of 2024. This represents a nominal year-on-year increase of 7.5 percent. Non-Life premiums grew from 101.7 billion to 109.3 billion Reais, an annual variation of 7.4 percent, while Life premiums excluding VGBL increased from 51.6 billion to 55.4 billion Reais, also a 7.5 percent nominal expansion. The balanced growth of both segments reinforces the sector’s structural diversification and the resilience of corporate and retail demand.
Claims (without adjustment effects) displayed a more moderate trajectory. They reached 60.2 billion Reais as of September 2025 compared with 58.7 billion Reais one year earlier, marking a nominal increase of 2.5 percent. The slower pace of claims growth relative to premiums suggests a supportive environment for combined ratios across major carriers.
Market structure continues to show high concentration when considering total premiums across all Life and Non-Life coverages, again excluding VGBL products. Porto Seguro Companhia de Seguros Gerais leads the national ranking with a 9.9 percent market share. Brasilseg Companhia de Seguros and Tokio Marine Seguradora S.A. follow with equal shares of 6.6 percent, while Bradesco Vida e Previdência S.A. holds 6.1 percent and Allianz Seguros S.A. reaches 5.3 percent. Together, these five insurers account for 34.5 percent of national premiums. The top ten insurers represent 54.02 percent of the market, and the top twenty reach 73.45 percent, confirming a structurally concentrated industry with strong dominance from a core group of players.
In terms of market share expansion, Prudential do Brasil Vida em Grupo S.A. recorded the highest year-on-year gain, increasing its share by 3.03 percent. Porto Seguro Companhia de Seguros Gerais also strengthened its position with a 1.90 percent rise. Caixa Vida e Previdência S.A. expanded by 0.97 percent, Allianz Seguros S.A. by 0.63 percent, and Generali Brasil Seguros S.A. by 0.34 percent. These movements highlight the competitive dynamism within both the Life and Non-Life segments and reflect strategic portfolio adjustments and distribution gains among leading carriers.
Overall, the Brazilian insurance market maintained steady growth in premiums, controlled claims expansion, and competitive realignments among leading insurers through September 2025. With strong performance across both Life and Non-Life coverages—excluding VGBL products analyzed separately—the sector enters the final quarter of 2025 demonstrating stability, concentration among top players, and notable advances from high-growth insurers seeking to expand their footprint.