Insurance companies’ revenue exceeds R$ 188 billion in 2023, the highest since 2014

Publicado em: 15/03/2024

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Insurance companies closed 2023 with a 9.5% increase in revenue compared to 2022, which represents R$ 16.3 billion more in written premiums, totalling R$ 188.4 billion. This is the highest volume recorded in the historical series and represents an increase of 117% compared to 2014, the first year of the survey. The highlights were the Life segment, which had the largest share of the revenues with an increase of R$ 4.8 billion; and the Credit and Guarantee segment, with the largest nominal variation: +17.3%.

The information, released today (March 15), is part of the 39th edition of the IRB+Market Bulletin, which takes into account the last update of the database made by Susep (Superintendence of Private Insurance), the body that regulates the sector, on March 4. The analysis shows a year-on-year increase in the insurance market, although the expansion recorded in 2023 indicates a slowdown compared to the 21.3% recorded in 2022 and the 14.6% in 2021. In relation to the insurers’ net profit, the positive variation on an annual basis is 64.5%, totalling R$37.4 billion.

The monthly report, prepared by the IRB+Intelligence platform, also points out that the transfer of premiums from insurers to reinsurers reached R$25.2 billion last year. The figure is 8.9% higher than a year earlier. Overall loss ratio dropped 7.9 percentage points (p.p.) to 41.5%. The recovery was mainly driven by the drop in the claims rate in the Agro (-57.6 p.p.) and Automobile (-11.5 p.p.) segments.

Life closes 2023 with 33.4% of the market
The Life segment continues to lead the market with 33.4% of the premiums written last year. In 2023, R$62.9 billion was earned, an increase of 8.3%. The loss ratio closed at 29.6%, decreasing 1.5 p.p. on 2022. Automobile, which account for 29.7% of the market, earned R$55.9 billion, registering a positive variation of 9.1%. The loss ratio of 58% is 11.5 p.p. lower than a year earlier.
In 2023, Corporate Damage and Liability, which represents 18.2% of written premiums, increased its revenue by 11.5%: R$34.3 billion. The loss ratio of the segment remained practically stable at 37.1%. Individual Damage Insurance grew 13.9% year-on-year to R$14.9 billion. The segment accounts for 7.9% of the market, and ended the year with a loss ratio of 35.4%, 1.6 p.p. below that recorded in 2022.

Agro, which ended 2023 with 7.4% of the market, advanced 3.7% last year and closed with R$ 14 billion in revenue. The loss ratio rate recorded was the lowest since the beginning of the historical series in 2014: 34.6% The smallest segment (3.4% of total revenue), Credit and Guarantee recorded the largest positive variation and ended last year with R$ 6.5 billion in written premiums. The loss ratio was the only one to rise and reached 47.2%, with an 8.7 p.p. increase.

The IRB+Market Bulletin summarizes insurance operations, considering damage, liability and personal insurance. The IRB+Insurance Market Dashboard , which allows dynamic and free consultation of information from the entire sector, is also available. Visit the IRB(Re) website.



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