The insurance market in Brazil has shown sustained growth in 2023.Q1, according to our most recent market research report. The volume of insurance premiums in reais, without considering VGBL products, reached R$ 44.047 million in 2023.Q1, which represents an increase of 16.2% compared to the same period of the previous year, where 37.907 million were registered. This positive evolution reflects the growing demand and confidence of consumers.
Insurance Market in Brazil
Year-on-year market share growth by month
Direct written premiums (without VGBL)
Regarding the average loss ratio in all life and non-life coverage, it has remained at a 48% level in March 2023. This indicates efficient risk management and an adequate evaluation of the policies by the insurers, which is essential to guarantee the sustainability of the market.
Insurers in Brazil
Highest year-on-year market share growth ranking
Direct written premiums (without VGBL)
In terms of market share, several insurers have experienced significant growth. BB SEGUROS leads the ranking with an increase of 0.95% in its market share, closely followed by LIBERTY SEGUROS with a growth of 0.72%. AUSTRAL SEGURADORA , PORTO SEGURO and BRADESCO also stood out with increases of 0.53%, 0.46% and 0.42% market share growth respectively.
In terms of premium volume (without VGBL), PORTO SEGURO leads the market with a 7.9% market share in March 2023, closely followed by BB SEGUROS with 7.4%. TOKIO MARINE it is also positioned among the top leading insurers with a 6.6% market share.
During the first three months of 2023 the insurance market in Brazil shows sustained growth and booming competition. The increase in the volume of premiums reflects confidence of consumers and insurers are actively competing to gain greater market share, which benefits consumers by providing them with more choice and better products. With a controlled average loss ratio, the insurance market in Brazil is positioned as a solid and promising market in Latin America.
In terms of premium volume (without VGBL), PORTO SEGURO leads the market with a 7.9% market share in March 2023, closely followed by BB SEGUROS with 7.4%. TOKIO MARINE it is also positioned among the top leading insurers with a 6.6% market share.
During the first three months of 2023 the insurance market in Brazil shows sustained growth and booming competition. The increase in the volume of premiums reflects confidence of consumers and insurers are actively competing to gain greater market share, which benefits consumers by providing them with more choice and better products. With a controlled average loss ratio, the insurance market in Brazil is positioned as a solid and promising market in Latin America.
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