Market Overview 2024
In 2024, the insurance sector in Brazil generated revenue of R$ 435.56 billion, reflecting a nominal growth of 12.2% compared to the previous year. In December alone, revenues from insurance, open private pension plans, and capitalization reached R$ 40.97 billion.
The sector returned R$ 241.42 billion to society through claims, redemptions, benefits, and lotteries, marking a 6.8% increase from 2023. In December, this amounted to R$ 20.38 billion.
Property and personal insurance (excluding VGBL) collected R$ 207.10 billion, a nominal growth of 10.4%. Contributions to VGBL totaled R$ 178.25 billion, a 16.3% increase, while PGBL contributions reached R$ 15.31 billion, up 9.9% from the previous year.
Property insurance revenue grew by 7.9%, reaching R$ 137.4 billion. Auto insurance contributed R$ 57.6 billion, up 3.2%, representing 42% of total property insurance premiums. Other property insurance lines grew 11.5%, totaling R$ 78.11 billion and accounting for 58% of premiums. The most dynamic segments included comprehensive, special risk, financial, and civil liability insurance, as well as maritime, aviation, surety, and microinsurance.
Life, health, PA and assistance insurance premiums increased by 14.9% to R$ 69.7 billion. Contributions to VGBL surpassed redemptions by R$ 59.08 billion, with redemptions rising 6.5% to R$ 119.17 billion. PGBL contributions exceeded redemptions by R$ 2.71 billion, with December capturing R$ 3.93 billion, a 236.8% surge from the previous month, largely due to tax benefits.
Capitalization products recorded R$ 31.80 billion in revenue, a 6.1% increase. The capitalization segment returned R$ 25.94 billion to consumers in redemptions and lotteries, a 5.3% increase compared to 2023.
Brazil's Life & non-Life Insurance Market in 2024: Growth Trends and Key Players
The Brazilian insurance market experienced significant growth in 2024, with total premiums across Life and Non-Life segments—excluding VGBL products, which are analyzed in a separate report—reaching BRL 207.1 billion. This represents a nominal year-over-year increase of 10.4% compared to the BRL 187.6 billion recorded in 2023.
Market Performance by Segment
The Non-Life insurance sector generated BRL 137.4 billion in premiums in 2024, reflecting an 8.2% increase from the previous year's BRL 127.0 billion. Meanwhile, Life insurance (excluding VGBL) demonstrated even stronger expansion, with premiums growing by 14.9% to BRL 69.7 billion from BRL 60.7 billion in 2023. This highlights the continued demand for life insurance products in the Brazilian market.
Insurance claims (before adjustments) amounted to BRL 76.3 billion in 2024, an 8.0% increase from BRL 70.7 billion in 2023. This growth aligns with the overall expansion of the market, reflecting both higher policy issuance and increased claims activity.
Market Share Dynamics and Fastest-Growing Insurers
Several insurers expanded their market share significantly in 2024. Bradesco Vida e Previdência S.A. led the ranking with a 0.66 percentage point increase in market share, followed by Prudential do Brasil Vida em Grupo S.A. with 0.55 percentage points. Other notable performers included HDI Seguros S.A. (+0.30 percentage points), Cardif do Brasil Seguros e Garantias S.A. (+0.26 percentage points), and Facta Seguradora S.A. - Microsseguradora (+0.24 percentage points).
Leading Insurance Companies by Market Share
When considering total premiums across both Life and Non-Life insurance, excluding VGBL products, Porto Seguro Companhia de Seguros Gerais emerged as the market leader with an 8.2% share. It was closely followed by Brasilseg Companhia de Seguros (7.8%), Tokio Marine Seguradora S.A. (6.5%), Bradesco Vida e Previdência S.A. (6.0%), and Mapfre Seguros Gerais S.A. (4.6%).
The five largest insurers accounted for a combined market share of 33.1%, while the top ten companies held 52.1%. The top twenty insurers collectively controlled 71.5% of the total market, underscoring the high concentration within the Brazilian insurance industry.
The performance of Brazil's insurance market in 2024 underscores its resilience and continued expansion, with strong growth observed across both Life and Non-Life segments. While certain players have strengthened their market positions, the industry remains competitive, presenting opportunities for further development in the coming years.
Insurance Companies in Brazil Ranking December 2024 (Life & non-Life, excluding VGBL)
|
INSURER |
MARKET SHARE |
|
PORTO SEGURO COMPANHIA DE SEGUROS GERAIS |
8,2% |
|
BRASILSEG COMPANHIA DE SEGUROS |
7,8% |
|
TOKIO MARINE SEGURADORA S.A. |
6,5% |
|
BRADESCO VIDA E PREVIDÊNCIA S.A. |
6,0% |
|
MAPFRE SEGUROS GERAIS S.A. |
4,6% |
|
BRADESCO AUTO/RE COMPANHIA DE SEGUROS |
4,6% |
|
ALLIANZ SEGUROS S.A. |
4,6% |
|
LIBERTY SEGUROS S.A. |
3,4% |
|
ZURICH MINAS BRASIL SEGUROS S.A. |
3,2% |
|
ITAU SEGUROS S.A. |
3,2% |
|
ZURICH SANTANDER BRASIL SEGUROS E PREVIDÊNCIA S.A. |
2,9% |
|
HDI SEGUROS S.A. |
2,7% |
|
AZUL COMPANHIA DE SEGUROS GERAIS |
2,3% |
|
PRUDENTIAL DO BRASIL SEGUROS DE VIDA S.A. |
2,2% |
|
ICATU SEGUROS S.A |
2,1% |
|
CHUBB SEGUROS BRASIL S.A. |
1,8% |
|
METROPOLITAN LIFE SEGUROS E PREVIDÊNCIA PRIVADA S.A. |
1,4% |
|
CAIXA SEGURADORA S.A. |
1,4% |
|
SOMPO CONSUMER SEGURADORA S.A. / SOMPO SEGUROS S.A. |
1,4% |
|
CARDIF DO BRASIL VIDA E PREVIDÊNCIA S/A |
1,2% |
|
MONGERAL AEGON SEGUROS E PREVIDÊNCIA S. A. |
1,2% |
|
CAIXA VIDA E PREVIDÊNCIA S.A. |
1,1% |
|
XS2 VIDA E PREVIDÊNCIA S.A. |
1,1% |
|
XS3 SEGUROS S.A. |
1,0% |
|
TOO SEGUROS S.A. |
1,0% |
|
GENERALI BRASIL SEGUROS S.A. |
1,0% |
|
AXA SEGUROS S.A. |
0,9% |
|
SICOOB SEGURADORA DE VIDA E PREVIDÊNCIA S.A. |
0,9% |
|
SWISS RE CORPORATE SOLUTIONS BRASIL SEGUROS S.A. |
0,9% |
|
PRUDENTIAL DO BRASIL VIDA EM GRUPO S.A. |
0,8% |
|
CARDIF DO BRASIL SEGUROS E GARANTIAS S.A. |
0,8% |
|
ZURICH SANTANDER BRASIL SEGUROS S.A. |
0,8% |
|
HDI GLOBAL SEGUROS S.A. |
0,8% |
|
SUHAI SEGURADORA S.A. |
0,8% |
|
ASSURANT SEGURADORA S.A. |
0,8% |
|
FAIRFAX BRASIL SEGUROS CORPORATIVOS S.A. |
0,8% |
|
EZZE SEGUROS S.A. |
0,7% |
|
AIG SEGUROS BRASIL S.A. |
0,7% |
|
AUSTRAL SEGURADORA S.A. |
0,7% |
|
SEGUROS SURA S.A. |
0,7% |
|
ESSOR SEGUROS S.A |
0,7% |
|
STARR INTERNATIONAL BRASIL SEGURADORA S.A. |
0,6% |
|
POTTENCIAL SEGURADORA S.A. |
0,6% |
|
ALIANÇA DO BRASIL SEGUROS S.A. |
0,5% |
|
FACTA SEGURADORA S.A. - MICROSSEGURADORA |
0,5% |
|
ARGO SEGUROS BRASIL S.A. |
0,5% |
|
MAPFRE VIDA S.A. |
0,5% |
|
INVESTPREV SEGURADORA S.A. |
0,4% |
|
UNIMED SEGURADORA S.A. |
0,4% |
|
JUNTO SEGUROS S.A. |
0,4% |
|
RIO GRANDE SEGUROS E PREVIDÊNCIA S.A. |
0,3% |
|
OTHERS |
5,7% |
|
TOTAL |
100,0% |
