Insurance market earns R$ 14.4 billion in november, an increase of 20.2%

Publicado em: 17/01/2023

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In another month of growth, the insurance market ended November last year with a 20.2% increase in revenues, compared to November 2021, totaling R$ 14.4 billion in written premiums. The most significant contribution to the sector’s good performance came from the Automobile segment, which earned R$ 1 billion more in the period (+28.8%). Credit and Guarantee was the only one that registered a decrease: -10.3% This is shown by the 27th edition of the IRB+Market Bulletin, a monthly report from the IRB+Intelligence platform, produced based on data published on Dec/26 by Susep – the entity that regulates the sector.

In the accumulated from January to November 2022, the insurers’ earnings reached R$ 156.1 billion, a growth of almost 22% compared to the first 11 months of 2021, which means an increase of R$ 28 billion. The highlight was the Rural segment, which showed the most pronounced variation: 40.4%

In November last year, the Claim Expenses on the Accrual Basis accounting decreased 5.7 percentage points (p.p.) in comparison with the same month of 2021. The recovery in claims was mainly driven by the Life segment (-6.4 p.p.). In the year, the index grew 0.1 p.p. compared to the rate recorded in the same period in 2021, mainly due to the Automobile segment (+8.5 p.p.).

By segment

In November, Life recorded revenues of R$ 5.1 billion, a growth of 16.5%. In the year, the segment, which represents 33.9% of the total earned by the sector, totals R$ 53 billion (+13.9%). After the impacts of covid-19, the loss ratio maintains the downward trend, with a drop of 14.7 p.p. in the year, reaching 31.5%.

The Automobile segment, on the other hand, recorded revenues of R$ 4.5 billion in November, an increase of 28.8% on an annual basis. In the 2022 year-to-date period, the segment grew 34% (R$ 46 billion). With regard to the loss ratio, in the 11th month, it recorded the second consecutive decrease (-12.3 p.p.) and reached 64.6%, while in the accumulated from January to November, it was 70.4%, an increase of 8 .5 percentage points.

The Damage and Liability segment recorded revenues of R$ 2.4 billion in November (+23.6%) and R$ 27.6 billion (+18.3%) for the 2022 year-to-date period. The Named and Operational Risks product was the one that most contributed to this advance in both analyzed periods. As for the year-to-date loss ratio, it decreased by 4.5 p.p., reaching 38.8%.

Individual against Damage reached, in November, R$ 1.2 billion (8.7%) in revenue. The year-to-date income for 2022 in the segment was R$ 11.8 billion (+9.7%) mainly influenced by the Property line of business. The loss ratio, after two months of decline, grew again in November with an increase of 19.2 p.p. compared to the same period in 2021, reaching 37.9%. In 11M22, the rate was 37%.

Rural showed an advance of 28.7% in November, compared to the same month in 2021, when it earned R$ 818 billion. In the year to date, it reached R$ 12.7 billion and recorded a positive variation of 40.4%. The loss ratio was 100% until November, despite the decrease of 25.3 p.p. in November.

Credit and Guarantee, on the other hand, raised R$ 391 million in November, registering a decrease of 10.3%, compared to the same period of 2021. This negative variation was not enough to reverse the annual growth trajectory. Until November, revenues advanced 21.3%. As for the year-to-date loss ratio, it reached 33.4%, a growth of 15.3 p.p..

The IRB+Market Bulletin summarizes insurance operations, considering damage, liability and personal insurance. The edition also lists the top five insurance groups by line of business. The analysis is available, in full, on the IRB Brasil RE website. On the same website, the IRB+Insurance Market Dashboard allows dynamic and free consultation of information from the entire sector.

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