Life Insurance in Brazil, Key Trends and Opportunities to 2019

Life Insurance in Brazil, Key Trends and Opportunities to 2019

Synopsis
Timetric’s 'Life Insurance in Brazil, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Brazilian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Brazil's economy and demographics, and provides detailed information on the country's competitive landscape.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.

Summary
Timetric’s 'Life Insurance in Brazil, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Brazilian life insurance segment, including:

- The Brazilian life insurance segment’s growth prospects by life insurance category

- Key trends, drivers and challenges for the life insurance segment

- A comprehensive overview of Brazil's economy and demographics

- The various distribution channels in the Brazilian life insurance segment

- Details of the competitive landscape in the life insurance segment in Brazil

- Details of regulatory policy applicable to the Brazilian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Brazil:

- It provides historical values for the Brazilian life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Brazilian life insurance segment, and market forecasts to 2019.

- It analyzes the various distribution channels for life insurance products in Brazil.

- It profiles the top life insurance companies in Brazil, and outlines key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Brazilian life insurance segment and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Brazilian life insurance segment.

- Assess the competitive dynamics in the life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Brazilian insurance industry, and their impact on companies and the industry's future.

Key Highlights
- The life segment accounted for 25.5% of the Brazilian insurance industry’s total gross written premium in 2014.

- The segment grew at a CAGR of 11.5% during the review period, driven by a rise in disposable income and tax incentives.

- The Brazilian life insurance segment was led by pension insurance in 2014, which contributed 36.6% of the total life gross written premium.

- The Free Benefit-Generator Plan (Plano Gerador de Benefício Livre – PGBL) and the Free Benefit Plan (Vida Gerador de Benefício Livre –VGBL) are the most common open pension plans in the country.

- Several insurers are also focusing on micro insurance to meet the needs of low-income customers.

- Many Brazilian insurers are co-promoted by commercial banks with extensive branch networks; as a result, bancassurance is expected to perform well over the forecast period.

- The segment will continue to grow, due to the segment’s low insurance penetration rate of 0.61% in 2014, and the rising incomes of the middle-class population.
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Individual whole life insurance
5.5.2 Individual pension insurance
5.5.3 Individual endowment insurance
5.5.4 Other individual life insurance
5.6 Group Life Insurance
5.6.1 Group whole life insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Brazilian Life Insurance Segment
7.3 Leading Life Insurers - Key Developments
7.3.1 Companhia de Seguros Aliança do Brasil - Company Overview
7.3.2 Bradesco Vida e Previdência SA - Company Overview
7.3.3 Zurich Santander Brasil Seguros e Previdência SA - Company Overview
7.3.4 Itaú Seguros SA - Company Overview
7.3.5 Caixa Seguradora SA - Company Overview
7.3.6 Icatu Seguros SA - Company Overview
7.3.7 Cardif do Brasil Vida e Previdência SA - Company Overview
7.3.8 Metropolitan Life Seguros e Previdência - Company Overview
7.3.9 HSBC Seguros (Brasil) SA - Company Overview
7.3.10 Itaú Vida e Previdência SA - Company Overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance (DPVAT)
8.4.2 Insurance for personal injury caused by ships or cargos (DPEM)
8.4.3 Social security insurance
8.4.4 Domestic credit insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Association of Insurance Supervisors Latin America
8.5.3 National Private Insurance Council
8.5.4 Superintendent of Private Insurance (SUSEP)
8.5.5 National Confederation of General Insurance, Private Pension and Life, Supplementary Health and Capitalization Companies (CNseg)
8.5.6 National Federation of General Insurance (FenSeg)
8.5.7 National Federation of Open Private Pension and Life (FenaPrevi)
8.5.8 National Federation of Supplementary Health (FenaSaude)
8.5.9 National Federation of Capitalization (FenaCap)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 Royalty payments are subject to withholding tax at a rate of 15%, unless it is reduced under a tax treaty.VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Brazilian Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Brazil - Long-Term Credit Ratings (2014-2015)
Table 4: BRICS Nations - Insurance Penetration (%), 2014
Table 5: Brazilian Life Insurance - Gross Written Premium by Category (BRL Billion), 2010-2014
Table 6: Brazilian Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 7: Brazilian Life Insurance - Gross Written Premium by Category (BRL Billion), 2014-2019
Table 8: Brazilian Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 9: Brazilian Life Insurance - Net Earned Premium (BRL Billion), 2010-2014
Table 10: Brazilian Life Insurance - Net Earned Premium (BRL Billion), 2014-2019
Table 11: Brazilian Life Insurance - Paid Claims (BRL Billion), 2010-2014
Table 12: Brazilian Life Insurance - Paid Claims (BRL Billion), 2014-2019
Table 13: Brazilian Life Insurance - Incurred Loss (BRL Billion), 2010-2014
Table 14: Brazilian Life Insurance - Incurred Loss (BRL Billion), 2014-2019
Table 15: Brazilian Life Insurance - Commissions and Expenses (BRL Billion), 2010-2014
Table 16: Brazilian Life Insurance - Commissions and Expenses (BRL Billion), 2014-2019
Table 17: Brazilian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 18: Brazilian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 19: Brazilian Life Insurance - Total Assets (BRL Billion), 2010-2014
Table 20: Brazilian Life Insurance - Total Assets (BRL Billion), 2014-2019
Table 21: Brazilian Life Insurance - Total Investment Income (BRL Billion), 2010-2014
Table 22: Brazilian Life Insurance - Total Investment Income (BRL Billion), 2014-2019
Table 23: Brazilian Life Insurance - Net Written Premium (BRL Billion), 2010-2014
Table 24: Brazilian Life Insurance - Net Written Premium (BRL Billion), 2014-2019
Table 25: Brazilian Individual Life Insurance - Gross Written Premium by Category (BRL Billion), 2010-2014
Table 26: Brazilian Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 27: Brazilian Individual Life Insurance - Gross Written Premium by Category (BRL Billion), 2014-2019
Table 28: Brazilian Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 29: Brazilian Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 30: Brazilian Individual Life Insurance - Direct Written Premium by Category (BRL Billion), 2014-2019
Table 31: Brazilian Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 32: Brazilian Individual Whole Life Insurance - Direct Written Premium (BRL Million), 2010-2014
Table 33: Brazilian Individual Whole Life Insurance - Direct Written Premium (BRL Million), 2014-2019
Table 34: Brazilian Individual Pension Insurance - Direct Written Premium (BRL Billion), 2010-2014
Table 35: Brazilian Individual Pension Insurance - Direct Written Premium (BRL Billion), 2014-2019
Table 36: Brazilian Individual Endowment Insurance - Direct Written Premium (BRL Million), 2010-2014
Table 37: Brazilian Individual Endowment Insurance - Direct Written Premium (BRL Million), 2014-2019
Table 38: Brazilian Other Individual Life Insurance - Direct Written Premium (BRL Billion), 2010-2014
Table 39: Brazilian Other Individual Life Insurance - Direct Written Premium (BRL Billion), 2014-2019
Table 40: Brazilian Group Whole Life Insurance - Direct Written Premium (BRL Billion), 2010-2014
Table 41: Brazilian Group Whole Life Insurance - Direct Written Premium (BRL Billion), 2014-2019
Table 42: Shares of Key Insurers in the Brazilian Life Insurance Segment (%), 2014
Table 43: Companhia de Seguros Aliança do Brasil - Key Facts
Table 44: Companhia de Seguros Aliança do Brasil - Key Financials (BRL Million), 2010-2014
Table 45: Bradesco Vida e Previdência SA - Key Facts
Table 46: Bradesco Vida e Previdência SA - Key Financials (BRL Million), 2010-2014
Table 47: Zurich Santander Seguros SA - Key Facts
Table 48: Zurich Santander Seguros SA - Key Financials (BRL Million), 2009-2013
Table 49: Itaú Seguros SA - Key Facts
Table 50: Itaú Seguros SA - Key Financials (BRL Million), 2010-2014
Table 51: Caixa Seguradora SA - Key Facts
Table 52: Caixa Seguradora SA - Key Financials (BRL Million), 2009-2013
Table 53: Icatu Seguros SA - Key Facts
Table 54: Icatu Seguros SA - Key Financials (BRL Million), 2010-2014
Table 55: Cardif do Brasil Vida e Previdência SA - Key Facts
Table 56: Cardif do Brasil Vida e Previdência SA - Key Financials (BRL Million), 2010-2014
Table 57: Metropolitan Life Seguros e Previdência - Key Facts
Table 58: Metropolitan Life Seguros e Previdência - Key Financials (BRL Million), 2010-2014
Table 59: HSBC Seguros (Brasil) SA - Key Facts
Table 60: HSBC Seguros (Brasil) SA - Key Financials (BRL Million), 2010-2014
Table 61: Itaú Vida e Previdência SA - Key Facts
Table 62: Itaú Vida e Previdência SA - Key Financials (BRL Million), 2010-2014
Table 63: Brazil - Insurance Regulatory Framework Key Features
Table 64: Brazil - Life Insurance Regulatory Framework
Table 65: Brazil - Property Insurance Regulatory Framework
Table 66: Brazil - Motor Insurance Regulatory Framework
Table 67: Brazil - Liability Insurance Regulatory Framework
Table 68: Brazil - Compensation Provided by the Insurer in the Event of an Accident
Table 69: Brazil - Compensation Provided By The Insurer In The Event Of Accident
Table 70: Brazil - Ratings Required For Registration Of Reinsurance Business
Table 71: Brazil - Base Capital - Variable Component by Region
Table 72: Brazil - Risks Correlation Factor
Table 73: Brazil - Corporate Tax Rates in Brazil for Financial Year 2015

List of Figures
Figure 1: Brazil - GDP at Constant Prices (BRL Trillion), 2010-2019
Figure 2: Brazil - Annual Average Exchange Rate US$-BRL, 2010-2019
Figure 3: Brazil - Consumer Price Inflation (%), 2010-2019
Figure 4: Brazil - Current Account Balance (% of GDP), 2010-2019
Figure 5: Brazil - Unemployment Rate, 2010-2019
Figure 6: Brazil - Population by Age Group, 1990-2025
Figure 7: Brazilian Population Distribution by Age (%), 2010-2014
Figure 8: Brazilian GDP at Constant Prices (US$ Billion), 2010-2014
Figure 9: Brazilian Life Insurance - Gross Written Premium by Category (BRL Billion), 2010-2019
Figure 10: Brazilian Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 11: Brazilian Life Insurance - Gross Written Premium Dynamics by Segment (2010-2019)
Figure 12: Brazilian Life Insurance - Net Earned Premium (BRL Billion), 2010-2014
Figure 13: Brazilian Life Insurance - Net Earned Premium (BRL Billion), 2014-2019
Figure 14: Brazilian Life Insurance - Paid Claims (BRL Billion), 2010-2014
Figure 15: Brazilian Life Insurance - Paid Claims (BRL Billion), 2014-2019
Figure 16: Brazilian Life Insurance - Incurred Loss (BRL Billion), 2010-2014
Figure 17: Brazilian Life Insurance - Incurred Loss (BRL Billion), 2014-2019
Figure 18: Brazilian Life Insurance - Commissions and Expenses (BRL Billion), 2010-2014
Figure 19: Brazilian Life Insurance - Commissions and Expenses (BRL Billion), 2014-2019
Figure 20: Brazilian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 21: Brazilian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 22: Brazilian Life Insurance - Total Assets (BRL Billion), 2010-2014
Figure 23: Brazilian Life Insurance - Total Assets (BRL Billion), 2014-2019
Figure 24: Brazilian Life Insurance - Total Investment Income (BRL Billion), 2010-2014
Figure 25: Brazilian Life Insurance - Total Investment Income (BRL Billion), 2014-2019
Figure 26: Brazilian Life Insurance - Net Written Premium (BRL Billion), 2010-2014
Figure 27: Brazilian Life Insurance - Net Written Premium (BRL Billion), 2014-2019
Figure 28: Brazilian Life Insurance - Investment Portfolio (BRL Billion), 2010-2014
Figure 29: Brazilian Life Insurance - Investment Portfolio, 2010 and 2014
Figure 30: Brazilian Life Insurance - Penetration (%), 2010-2014
Figure 31: Brazilian Life Insurance - Density (%), 2010-2014
Figure 32: Brazilian Life Insurance - Total Investments (BRL), 2010-2014
Figure 33: Brazilian Individual Life Insurance - Gross Written Premium by Category (BRL Billion), 2010-2019
Figure 34: Brazilian Individual Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 35: Brazilian Individual Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 36: Brazilian Individual Life Insurance - Direct Written Premium by Category (BRL Billion), 2010-2019
Figure 37: Brazilian Individual Life Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 38: Brazilian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 39: Brazilian Individual Whole Life Insurance - Direct Written Premium (BRL Million), 2010-2014
Figure 40: Brazilian Individual Whole Life Insurance - Direct Written Premium (BRL Million), 2014-2019
Figure 41: Brazilian Individual Pension Insurance - Direct Written Premium (BRL Billion), 2010-2014
Figure 42: Brazilian Individual Pension Insurance - Direct Written Premium (BRL Billion), 2014-2019
Figure 43: Brazilian Individual Endowment Insurance - Direct Written Premium (BRL Million), 2011-2014
Figure 44: Brazilian Individual Endowment Insurance - Direct Written Premium (BRL Million), 2014-2019
Figure 45: Brazilian Other Individual Life Insurance - Direct Written Premium (BRL Billion), 2010-2014
Figure 46: Brazilian Other Individual Life Insurance - Direct Written Premium (BRL Billion), 2014-2019
Figure 47: Brazilian Group Whole Life Insurance - Direct Written Premium (BRL Billion), 2010-2014
Figure 48: Brazilian Group Whole Life Insurance - Direct Written Premium (BRL Billion), 2014-2019
Figure 49: Shares of Key Insurers in the Brazilian Life Insurance Segment (%), 2014
Figure 50: Brazil - Insurance Supervision and Control at Various Levels
Figure 51: Brazil - Insurance Regulatory Frameworks for Company Registration and Operation
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