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Brazil Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 24
Brazil is the largest insurance market in Latin America and the 10th largest economy in the world in terms of its GDP. The insurance market of Brazil has seen an impressive growth for the past few years, on account of growing agricultural, manufacturing, mining, services sectors and increasing foreign investments. The large population base of Brazil has also aided the market to achieve higher premiums. The upcoming events in Brazil such as the Olympic Games 2016 have boosted public spending on infrastructure projects, like hydroelectric power stations, helping in increasing the employment levels and the income levels, further boosting the insurance market. Brazil ranks below Venezuela and Chile, and is way behind the European countries. It shows that insurance density in Brazil is quite low, thus offering huge growth potential to the companies operating in this sector.
Among the various segments of life insurance, personal accident collective was the best performing segment of the life and personal insurance market. Oil industry risk, project guarantees, engineering risk and credit insurance for exports are some of the insurance segments which recorded major growth in 2008. For the non-life insurance sector, cars and housing offer high growth potential, as both these markets are under-penetrated. Brazil’s insurance market is dominated by the bank-owned insurance companies and participation of companies with foreign capital.
The present report gives an overview of the Brazilian insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Brazil’s insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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