The general insurance sector in Brazil is forecast to grow at a compound annual growth rate (CAGR) of 8.8% from BRL307.3bn ($61.6bn) to BRL430.7bn ($85.7bn) in 2028.
This is according to GlobalData, which also predicted a rise of 10.8% in 2024 in the general insurance sector. Increasing demand for policies covering natural catastrophic (NatCat) events, investment in infrastructure projects, and rising premium rates across general insurance lines due to inflation will drive this rise.
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Aarti Sharma, insurance analyst at GlobalData, said: “The general insurance industry in Brazil expanded by 14.3% in 2023, recording the highest growth in the last five years. This robust increase was bolstered by a heightened demand for health insurance and a surge in automobile sales. Although the industry faces potential challenges from climatic risks and a challenging economic and geopolitical environment, it is expected to maintain sustainable growth over the long term.”
Personal accident and health (PA&H) insurance is the leading line of business, which is expected to account for a 56.6% share of general insurance DWP in 2024. It is expected to grow by 12% in 2024, supported by increasing demand for health insurance due to heightened awareness after the COVID-19 pandemic as well as rising medical inflation that has increased the cost of treatment.
Sharma added: “Changing demographic factors, such as the country’s aging population, will also support the growth of PA&H insurance. As per GlobalData estimates, 10.5% of the country’s population was aged over 65 years as of 2023, which is expected to reach 11.3% by 2025. PA&H is expected to record a CAGR of 8.7% over 2024–28.”
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By GlobalData
