Non-Life Insurance in Brazil, Key Trends and Opportunities to 2019

Non-Life Insurance in Brazil, Key Trends and Opportunities to 2019

Synopsis
Timetric’s 'Non-Life Insurance in the Brazil, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Brazilian non-life insurance segment, and a comparison of the Brazilian insurance industry with regional counterparts.

It uses 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, explains the various types of natural hazard and their impact on the Brazilian insurance industry, and provides detailed information on the competitive landscape in the country.

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

- The Brazilian non-life insurance segment’s detailed outlook by product category

- A comprehensive overview of Brazil's economy and demographics

- A comparison of the Brazilian insurance industry with regional counterparts

- Detailed analysis of natural hazards and their impact on the Brazilian insurance industry

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

- Details of regulatory policy applicable to the Brazilian insurance industry

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

- It provides historical values for the Brazilian non-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 non-life insurance segment, and market forecasts to 2019.

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

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

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

- Assess the competitive dynamics in the non-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
- Non-life insurance was the largest segment of the Brazilian insurance industry in 2014, accounting for 49.0% of the industry’s gross written premium.

- Brazil’s non-life insurance segment grew at a rapid review-period CAGR of 15.0%, despite a national economic slowdown since 2012.

- The growth can be attributed to high demand for motor and property insurance.

- Brazil hosted the 2014 Fifa World Cup, and is hosting the 2016 Olympic Games. This has supported infrastructure and construction development in the country, which became a major business source for Brazilian insurers, especially those operating in property lines.

- Government participation has remained a crucial aspect for foreign investment, and the property market’s growth in Brazil.

- The slowdown of Brazil’s economy and loss of business confidence due to corruption scandals have aggravated underlying risk, making underwriters cautious about writing against the risks surrounding trade credit.

- Insurers are focusing on improving profitability by reducing claims and exploiting opportunities for growth that telematics offers.

- Brazilian insurers are quickly adopting cloud technology to reduce operating costs and enhance efficiency through greater mobility.
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Distribution Channel Outlook
7 Natural Hazards
7.1 Flooding
7.2 Drought
7.3 Landslides
7.4 Storms
7.5 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of the Top Three Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 Bradesco Auto/Re
8.3.2 Porto Seguro Cia de Seguros Gerais
8.3.3 Mapfre Seguros Gerais SA
8.3.4 Seguradora Líder dos Consórcios do Seguro DPVAT SA
8.3.5 Sul América Companhia Nacional de Seguros
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance (DPVAT)
9.4.2 Insurance for personal injury caused by ships or cargos (DPEM)
9.4.3 Social security insurance
9.4.4 Domestic credit insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Association of Insurance Supervisors Latin America
9.5.3 National Private Insurance Council
9.5.4 Superintendent of Private Insurance (SUSEP)
9.5.5 National Confederation of General Insurance, Private Pension and Life, Supplementary Health and Capitalization Companies (CNseg)
9.5.6 National Federation of General Insurance (FenSeg)
9.5.7 National Federation of Open Private Pension and Life (FenaPrevi)
9.5.8 National Federation of Supplementary Health (FenaSaude)
9.5.9 National Federation of Capitalization (FenaCap)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 Royalty payments are subject to withholding tax at a rate of 15%, unless it is reduced under a tax treaty.VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: Brazilian Non-Life Insurance - Key Facts
Table 2: Market Shares of Top Non-Life Insurers in Brazil, 2014
Table 3: Brazil - Long-Term Credit Ratings (2014-2015)
Table 4: BRICS Nations - Insurance Penetration (%), 2014
Table 5: Brazilian Non-Life Insurance - Gross Written Premium, 2010-2014
Table 6: Brazilian Non-Life Insurance - Penetration (%), 2010-2014
Table 7: Brazilian Non-Life Insurance - Gross Written Premium, 2014-2019
Table 8: Brazilian Non-Life Insurance - Penetration (%), 2014-2019
Table 9: Brazilian Non-Life Insurance - Premium Per Capita, 2010-2014
Table 10: Brazilian Non-Life Insurance - Premium Per Capita, 2014-2019
Table 11: Brazilian Non-Life Insurance - Paid Claims (BRL Billion), 2010-2014
Table 12: Brazilian Non-Life Insurance - Paid Claims (BRL Billion), 2014-2019
Table 13: Brazilian Non-Life Insurance - Profitability Ratios (%), 2010-2014
Table 14: Brazilian Non-Life Insurance - Profitability Ratios (%), 2014-2019
Table 15: Brazilian Non-Life Insurance - Total Assets (BRL Billion), 2010-2014
Table 16: Brazilian Non-Life Insurance - Total Assets (BRL Billion), 2014-2019
Table 17: Brazilian Non-Life Insurance - Total Investment Income (BRL Billion), 2010-2014
Table 18: Brazilian Non-Life Insurance - Total Investment Income (BRL Billion), 2014-2019
Table 19: Brazilian Non-Life Insurance - Investment Portfolio (BRL Billion), 2010-2014
Table 20: Brazilian Non-Life Insurance - Investment Portfolio (BRL Billion), 2014-2019
Table 21: Brazilian Non-Life Insurance - Gross Written Premium by Category (BRL Billion), 2010-2014
Table 22: Brazilian Non-Life Insurance - Gross Written Premium by Category (BRL Billion), 2014-2019
Table 23: Brazilian Property Insurance - Gross Written Premium by Sub-Category (BRL Billion), 2010-2014
Table 24: Brazilian Property Insurance - Gross Written Premium by Sub-Category (BRL Billion), 2014-2019
Table 25: Brazilian Property Insurance - Paid Claims (BRL Billion), 2010-2014
Table 26: Brazilian Property Insurance - Paid Claims (BRL Billion), 2014-2019
Table 27: Brazilian Property Insurance - Loss Ratio, 2010-2014
Table 28: Brazilian Property Insurance - Loss Ratio, 2014-2019
Table 29: Brazilian Motor Insurance - Gross Written Premium by Sub-Category (BRL Billion), 2010-2014
Table 30: Brazilian Motor Insurance - Gross Written Premium by Sub-Category (BRL Billion), 2014-2019
Table 31: Brazilian Motor Insurance - Paid Claims (BRL Billion), 2010-2014
Table 32: Brazilian Motor Insurance - Paid Claims (BRL Billion), 2014-2019
Table 33: Brazilian Motor Insurance - Loss Ratio (%), 2010-2014
Table 34: Brazilian Motor Insurance - Loss Ratio (%), 2014-2019
Table 35: Brazilian Liability Insurance - Gross Written Premium by Sub-Category (BRL Million), 2010-2014
Table 36: Brazilian Liability Insurance - Gross Written Premium by Sub-Category (BRL Million), 2014-2019
Table 37: Brazilian Liability Insurance - Paid Claims (BRL Million), 2010-2014
Table 38: Brazilian Liability Insurance - Paid Claims (BRL Million), 2014-2019
Table 39: Brazilian Liability Insurance - Loss Ratio (%), 2010-2014
Table 40: Brazilian Liability Insurance - Loss Ratio (%), 2014-2019
Table 41: Brazilian Transport Network - Global Rankings
Table 42: Brazilian Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (BRL Million), 2010-2014
Table 43: Brazilian Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (BRL Million), 2014-2019
Table 44: Brazilian Marine, Aviation and Transit Insurance - Paid Claims (BRL Billion), 2010-2014
Table 45: Brazilian Marine, Aviation and Transit Insurance - Paid Claims (BRL Billion), 2014-2019
Table 46: Brazilian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 47: Brazilian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 48: Brazilian Average Annual Loss by Hazard
Table 49: Shares of Top Non-Life Insurers in Brazil, 2014
Table 50: Bradesco Auto/Re Companhia de Seguros - Key Facts
Table 51: Bradesco Auto/Re Companhia de Seguros - Key Financials (BRL Million), 2010-2014
Table 52: Porto Seguro Cia de Seguros Gerais - Key Facts
Table 53: Porto Seguro Cia de Seguros Gerais - Key Financials (BRL Million), 2010-2014
Table 54: Mapfre Seguros Gerais SA - Key Facts
Table 55: Mapfre Seguros Gerais SA - Key Financials (BRL Million), 2010-2014
Table 56: Seguradora Líder dos Consórcios do Seguro DPVAT SA - Key Facts
Table 57: Seguradora Líder dos Consórcios do Seguro DPVAT SA - Key Financials (BRL Million), 2010-2014
Table 58: Sul América Companhia Nacional de Seguros - Key Facts
Table 59: Sul América Companhia Nacional de Seguros - Key Financials (BRL Million), 2010-2014
Table 60: Brazil - Insurance Regulatory Framework Key Features
Table 61: Brazil - Life Insurance Regulatory Framework
Table 62: Brazil - Property Insurance Regulatory Framework
Table 63: Brazil - Motor Insurance Regulatory Framework
Table 64: Brazil - Liability Insurance Regulatory Framework
Table 65: Brazil - Compensation Provided by the Insurer in the Event of an Accident
Table 66: Brazil - Compensation Provided By The Insurer In The Event Of Accident
Table 67: Brazil - Ratings Required For Registration Of Reinsurance Business
Table 68: Brazil - Base Capital - Variable Component by Region
Table 69: Brazil - Risks Correlation Factor
Table 70: Brazil - Corporate Tax Rates in Brazil for Financial Year 2015
Table 71: Brazilian Insurance Industry Premium, 2010-2014
Table 72: Brazilian Insurance Industry Premium, 2014-2019
Table 73: Brazilian Non-Life Insurance - Premium, 2010-2014
Table 74: Brazilian Non-Life Insurance - Premium, 2014-2019
Table 75: Brazilian Non-Life Insurance - Premium by Property Insurance, 2010-2014
Table 76: Brazilian Non-Life Insurance - Premium by Property Insurance, 2014-2019
Table 77: Brazilian Non-Life Insurance - Premium by Motor Insurance, 2010-2014
Table 78: Brazilian Non-Life Insurance - Premium by Motor Insurance, 2014-2019
Table 79: Brazilian Non-Life Insurance - Premium by Liability Insurance, 2010-2014
Table 80: Brazilian Non-Life Insurance - Premium by Liability Insurance, 2014-2019
Table 81: Brazilian Non-Life Insurance - Premium by Marine, Aviation and Transit Insurance, 2010-2014
Table 82: Brazilian Non-Life Insurance - Premium by Marine, Aviation and Transit Insurance, 2014-2019
Table 83: Brazilian Non-Life Insurance - Gross Written Premium by Sub-Category (BRL), 2010-2014
Table 84: Brazilian Non-Life Insurance - Gross Written Premium by Sub-Category (BRL), 2014-2019
Table 85: Brazilian Non-Life Insurance - Direct Written Premium by Sub-Category (BRL), 2010-2014
Table 86: Brazilian Non-Life Insurance - Direct Written Premium by Sub-Category (BRL), 2014-2019
Table 87: Brazilian Non-Life Insurance - Penetration (Ratio of Direct Premium to GDP) by Sub-Category (%), 2010-2014
Table 88: Brazilian Non-Life Insurance - Penetration (Ratio of Direct Premium to GDP) by Sub-Category (%), 2014-2019
Table 89: Insurance Industry Definitions

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: American Countries - Non-Life Insurance Penetration, 2013
Figure 8: American Countries - Life v. Non-Life v. PA&H DWP Segment Shares, 2014
Figure 9: Brazilian Non-Life Insurance - Direct Written Premium (BRL Billion), 2010-2019
Figure 10: Brazil Non-Life Insurance - Insurance Penetration (%), 2010-2019
Figure 11: Brazilian Non-Life Insurance - Direct Premium Per Capita, 2010-2019
Figure 12: Brazilian Non-Life Insurance - Paid Claims (BRL Billion), 2010-2019
Figure 13: Brazilian Non-Life Insurance - Profitability Ratios, 2010-2019
Figure 14: Brazilian Non-Life Insurance - Total Assets (BRL Billion), 2010-2019
Figure 15: Brazilian Non-Life Insurance - Total Investment Income (BRL Billion), 2010-2019
Figure 16: Brazilian Non-Life Insurance - Investment Portfolio (BRL Billion), 2010-2019
Figure 17: Brazilian Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 18: Brazilian Non-Life Insurance - Gross Written Premium by Category (BRL Billion), 2010-2019
Figure 19: Brazilian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 20: Brazilian Property Insurance - Gross Written Premium by Sub-Category, 2010-2019
Figure 21: Brazilian Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 22: Brazilian Property Insurance - Paid Claims, 2010-2019
Figure 23: Brazilian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio, 2010-2019
Figure 24: Brazilian Motor Insurance - Vehicle Sales v/s Motor Insurance Premium, 2010-2014
Figure 25: Brazilian Motor Insurance - Gross Written Premium by Sub-Category (BRL Billion), 2010-2019
Figure 26: Brazilian Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 27: Brazilian Motor Insurance - Paid Claims (BRL Billion), 2010-2019
Figure 28: Brazilian Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio, 2010-2019
Figure 29: Brazilian Liability Insurance - Gross Written Premium by Sub-Category (BRL Billion), 2010-2019
Figure 30: Brazilian Liability Insurance - Paid Claims (BRL Million), 2010-2019
Figure 31: Brazilian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio, 2010-2019
Figure 32: Brazilian Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (BRL Billion), 2010-2019
Figure 33: Brazilian Marine, Aviation and Transit Insurance - Paid Claims (BRL Billion), 2010-2019
Figure 34: Brazilian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio, 2010-2019
Figure 35: Brazil - Frequency and Economic Damage of Natural Disasters by Type, 1990-2014
Figure 36: Brazil - Annual Frequency and Economic Damage from Floods, 2005-2014
Figure 37: Brazil - Annual Economic Damage from Droughts (US$ Billion), 2010-2014
Figure 38: Shares of Top Non-Life Insurers in Brazil, 2014
Figure 39: Non-Life GWP Growth of Top Insurers Relative to the Overall Segment, 2011-2014
Figure 40: Brazil - Insurance Supervision and Control at Various Levels
Figure 41: Brazil - Insurance Regulatory Frameworks for Company Registration and Operation
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