As of the close of September 2025, the Brazilian insurance market remains the largest and most structurally complex in Latin America, despite showing a contraction in premium volumes. Considering life, non-life and VGBL insurance, and excluding previdência and capitalização, total premiums reached USD 51,748 million. This represented a nominal year-on-year decline of 2.0% compared to September 2024, when premiums totaled USD 52,799 million, reflecting a more challenging operating environment and slower demand growth.
Measured in local currency, the adjustment was more pronounced. Total premiums amounted to BRL 276,336 million at September 2025, down from BRL 289,340 million a year earlier. This implied a nominal year-on-year contraction of 4.5% in reais, highlighting the combined impact of economic conditions, pricing dynamics and portfolio adjustments across key insurance lines.
Competition in Brazil continues to be intense and structurally fragmented. A total of 186 insurance companies were operating in the market, accounting for 16.2% of all insurers active across Latin America. This reinforces Brazil’s central role in the regional insurance ecosystem, both in terms of scale and diversity of players.
Market leadership remains highly concentrated among a limited group of insurers. Bradesco Vida e Previdência S.A. led the ranking with a market share of 13.1%, closely followed by Brasilprev Seguros e Previdência S.A., with 12.5%. Caixa Vida e Previdência S.A. ranked third with an 8.0% share, consolidating the dominance of bank-affiliated insurers. Porto Seguro Companhia de Seguros Gerais held a 5.9% share, while Zurich Santander Brasil Seguros e Previdência S.A. accounted for 4.9%. Itaú Vida e Previdência S.A. followed with 4.5%, and Brasilseg Companhia de Seguros reached 4.0%, the same level as Tokio Marine Seguradora S.A. Allianz Seguros S.A. captured 3.1% of the market, and Mapfre Seguros Gerais S.A. closed the top ten with 2.9%. Altogether, the ten leading insurers concentrated 63.0% of total market premiums, underlining a high degree of concentration at the top end of the competitive landscape.
From a technical performance perspective, sector indicators at September 2025 provide insight into profitability and cost structures. Gross written premiums reached R$ 151,322.5 million, while issued premiums regulated under VGBL and other totaled R$ 125,013.6 million. Reinsurance expenses amounted to R$ 19,774.3 million, partially offset by reinsurance revenues of R$ 12,499.6 million, reflecting an active risk transfer strategy within the market.
Claims incurred during the period totaled R$ 59,567.4 million, while commercial expenses reached R$ 39,992.5 million, underscoring the weight of distribution and acquisition costs in overall operating performance. The sector recorded a loss ratio of 41%, a level that suggests disciplined underwriting conditions, even amid slowing premium growth and a competitive pricing environment.
Overall, the Brazilian insurance market at September 2025 combined massive scale with moderate contraction, strong concentration among leading groups, and technically controlled claims performance. These characteristics continue to position Brazil as the reference point for insurance trends, competition and financial performance across Latin America.