As of March 2025, the Brazilian insurance market reported net premiums of USD 16.29 billion, marking a 10.3% year-on-year decline in nominal terms when measured in U.S. dollars. However, when expressed in local currency, the market showed modest growth. Total net premiums reached BRL 93.83 billion, a 2.1% increase compared to BRL 91.94 billion recorded in March 2024. This contrast highlights the influence of exchange rate variations on market valuation in international comparisons.
Brazil remains the most competitive insurance market in Latin America, with a total of 142 insurers in operation. This figure represents 28% of all insurance companies across the region, underscoring Brazil’s central role in the Latin American insurance landscape.
The market continues to be concentrated among a handful of leading players. The top ten insurers collectively control 65.2% of the total market. Bradesco Vida e Previdência S.A. leads with a 14.1% market share, followed closely by Brasilprev Seguros e Previdência (13.7%) and Caixa Vida e Previdência S.A. (8.3%). Porto Seguro and Zurich Santander Brasil Seguros e Previdência S.A. each hold 5.4%, while Itaú Vida e Previdência S/A commands 4.9%. Other significant players include Brasilseg (3.8%), Tokio Marine (3.8%), Mapfre (3.0%), and Allianz (2.8%).
In terms of competitive momentum, Porto Seguro registered the most significant gain in market share, increasing its position by 1.2 percentage points over the past year. Caixa Vida e Previdência followed closely with a 1.1-point gain. Icatu added 0.9 points, while Bradesco Vida e Previdência and Allianz grew by 0.7 and 0.5 points respectively. Tokio Marine and Itau Seguros each gained 0.4 points, while Generali, Mapfre, and Prudential also posted strong advances. Altogether, these ten insurers captured an additional 6.2 percentage points of the market, signaling a competitive shift within the industry.
Despite currency-driven contractions in USD terms, the underlying growth in local currency and the intense competition among more than 140 insurers confirm Brazil’s position as the largest and most dynamic insurance market in Latin America. The consolidation among top players and the visible market share shifts reflect both strategic repositioning and growing consumer demand across life and non-life segments.
non-Life, Life and VGBL segments overview
Non-Life insurance segment, encompassing popular products like auto, residential, rural, housing (mortgage financing), rental guarantee, and extended warranty insurance, accumulated a significant R$ 34.15 billion in revenues year-to-date through March. This figure represents an 8.13% nominal growth and a 3.07% real growth when compared to the same period in 2024, indicating a healthy expansion.
Within damage insurance, auto insurance remains a dominant force, having generated R$ 14.21 billion in revenues up to March. This marks a 6.78% nominal increase over the corresponding period in 2024 and accounts for a substantial 41% of all damage insurance premiums. Other damage insurance lines collectively brought in R$ 19.94 billion by March 2025. Notably, comprehensive insurance categories, including residential, condominium, and business policies, experienced an impressive nominal growth of 11.91% and a real growth of 6.67% compared to the previous year.
Turning to personal insurance, which provides indemnification to individuals or their beneficiaries under various circumstances, the sector recorded R$ 18.10 billion in premiums between January and March 2025. This represents an 8.07% nominal increase and a 3.00% real increase from the R$ 16.74 billion collected during the same period last year. Life insurance, a significant component of this segment, alone contributed R$ 8.81 billion in the year-to-date figures, showing a nominal growth of 9.89% and a real growth of 4.73% compared to the accumulated total for the same period in the prior year, making up 49% of the personal insurance segment.
Lastly, accumulation products, including VGBL and PGBL are designed for long-term financial planning and the formation of financial reserves. These products collectively saw contributions of R$ 45.02 billion up to March. However, this represents a nominal reduction of 4.68% and a real reduction of 9.15% compared to the same period last year. After accounting for redemptions and benefits, the net contribution to these products for the year accumulated to R$ 5.48 billion, highlighting the ongoing shifts in investor behavior within this crucial long-term savings segment.