Direct written premiums in Brazil (without VGBL)
Highest year-on-year market share growth ranking
The insurance market in Brazil is showing signs of recovery and growth, according to the latest data from the Superintendence of Private Insurance (SUSEP). The accumulated volume of insurance premiums (excluding VGBL products) reached 89.8 billion reais in June 2023, an increase of 12.7% compared to the same month of the previous year.
The average loss ratio (for all Life and Non-Life coverages) was 41.0% in June 2023, lower than the 47% recorded in June 2022. The commercial expense amounted to 3.4 billion reais, representing 17.2% of the premium volume of the month.
Some insurers stood out for their growth in market share in the year-on-year comparison. PORTO SEGURO increased its share by 0.55%, followed by TOKIO MARINE SEGURADORA with 0.52%, ICATU SEGUROS with 0.50%, LIBERTY SEGUROS with 0.45%, and AXA BRASIL with 0.38%. These companies have been investing in innovation, digitalization, and diversification of their portfolios to attract and retain customers in a competitive and dynamic environment.
The Brazilian insurance market is expected to continue its positive trend in the coming months, as the economy recovers and the demand for insurance products is likely to increase as consumers become more aware of the importance of protecting their assets, health, and income.
Some insurers stood out for their growth in market share in the year-on-year comparison. PORTO SEGURO increased its share by 0.55%, followed by TOKIO MARINE SEGURADORA with 0.52%, ICATU SEGUROS with 0.50%, LIBERTY SEGUROS with 0.45%, and AXA BRASIL with 0.38%. These companies have been investing in innovation, digitalization, and diversification of their portfolios to attract and retain customers in a competitive and dynamic environment.
The Brazilian insurance market is expected to continue its positive trend in the coming months, as the economy recovers and the demand for insurance products is likely to increase as consumers become more aware of the importance of protecting their assets, health, and income.