The insurance sector started 2023 with rising revenues. In the first month of the year, written premiums reached R$ 14.9 billion, an increase of 18.3% compared to the same period of 2022. The data released today (03/20) are part of the 29th edition of the IRB+Market Bulletin, a monthly analysis of the IRB+Intelligence platform that considered figures published by Susep – the regulatory body for the sector – on 03/13.
According to the report, all segments had an increase in revenue, especially Automobile (29.2%) and Rural (27.2%). The overall loss ratio recorded a drop of 24.3 percentage points (p.p.) in the annual comparison, closing at 45.1%. The net profit of insurance companies increased by 154% compared to January 2022: R$ 2.6 billion.
By segment
In January, Life recorded revenues of R$ 4.7 billion, a growth of 15.5%. Life and Loan products, which together represent around 76% of the line, grew by 12% and 23.7%, respectively. The loss ratio closed at 30%, 1.3 p.p. less than January 2022. Automobile raised R$ 4.4 billion, an increase of 29.2% on an annual basis. The result also reflects the increase in the prices of policies in the segment. The loss ratio decreased by 11.4 p.p compared to January last year.
Damages and Liabilities earned R$ 3 billion in January, a growth of 7.8% compared to the same period in 2022. The Liabilities line was the main driver of the increase (+41.6%). The segment’s loss ratio dropped from 37.9% in January 2022 to 34.9% in the first month of 2023. Individuals against Damages reversed the fall recorded in January last year and ended the first month of the year with revenues of R$ 1.2 billion, an increase of 18.4%. The loss ratio at the beginning of the year, in turn, was 38.6%, 1.1 p.p. above that ratio recorded in January 2022.
Rural showed an advance of 27.2% in January, compared to the same month in 2022, with earnings of R$ 1.2 billion, being the second highest increase. The loss ratio reached 37%, well below that registered in January 2022 (342.8%) and at a level similar to the rate of the first month of 2021 (37.5%). Credit and Guarantee raised R$ 435 million in January, with an increase of 7.2%, compared to the same period of 2022. As for the loss ratio, the segment recorded the highest indicator for January since the beginning of the series in 2014: 113.3%.
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.
