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Brazil Insurance Report Q1 2010
Business Monitor International, Dec 2009, Pages: 97
Brazil Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Brazil's insurance industry.
This report differs from its predecessors in several respects. In this analysis of competitive conditions, they provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In Brazil, for instance, the three largest auto insurance providers in the first eight months of 2009 – in terms of gross written premiums – were Porto Seguro Cia de Seguros Gerais, Bradesco Auto/Re Companhia de Seguros, and Sul América Cia Nacional de Seguros, with 14.3%, 12.1% and 8.1% market share respectively. Over time, the authors hope to derive insights from observing how market shares change. They emphasise though, that a decline in share of Gross Written Premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
Writing in November 2009, the authors have been able to ensure that the report includes actual data for 2008. The Superintendency of Private Insurance (SUSEP), the regulator, identifies three life lines in its data: VGBL products, Retirement savings schemes (of which PGBL products are an important subset) and capitalisation schemes. Analysis finds that life premiums rose to BRL 40,808mn in 2008 from BRL 35,966mn in 2007. The figures for non-life insurance include the Consolidated Insurance figures published by SUSEP except for premiums for VGBL products, which are a subset of personal lines which belongs to the life segment. The figures also include health insurance premiums as disclosed by the ASN. Under this approach, the authors find that non-life premiums rose from BRL 67,971mn in 2005 to BRL 76,786mn in 2006 to BRL 89,970mn in 2007 to BRL 103,340mn in 2008.
This quarter, include a discussion of developments within regional markets – on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations.
Unsurprisingly, the first nine months of 2009 were an excellent period for Spain’s MAPFRE, arguably the leading cross-border insurance group in Latin America. On 6 October 2009, MAPFRE signed a Memorandum of Understanding (MoU) with Banco do Brasil to establish a strategic alliance in the personal, property and motor lines in Brazil.
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