Insurance sector revenue grows 6.9% in October

Publicado em: 03/01/2022

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Insurers’ revenue increased 6.9% in October this year compared to the same period last year, highlighting the Rural (+17.7%) and Corporate Damage and Liability (+14%) segments. The IRB+Market Bulletin published today (01/03), a monthly report from the IRB+Intelligence platform, shows that the total premiums issued exceeded R$12 billion. The sector’s performance in the tenth month of 2021 was higher than that shown by monthly surveys conducted by the IBGE in other economic sectors. According to data from such institute, there was a 7.8% decline in industry, and 7.1% in retail trade.

In the accumulated result for the first ten months of the year, the insurance market recorded R$116.2 billion in revenue, an increase of 14.2% or R$14.4 billion more compared to the same period in 2020. The Life segment recorded the most expressive market share, with an increase of R$4.9 billion. In percentage terms, the greatest changes were seen in the Rural (40.9%) and Corporate Damage and Liability (20.6%) segments. It is worth mentioning that this first segment grew at a double-digit rate in all the months of 2021.

In October, the insurance loss ratio increased by 4 percentage points (p.p.) compared to the same month of the previous year, closing at 46.8%. In the year to October, the ratio increased 6.8 p.p. in relation to the rate of the first ten months of 2020 (50.2%). Insurers’ net income in the first ten months of 2021 was R$7.4 billion, a decrease of 49.7% compared to 2020.

The IRB+Market Bulletin summarizes insurance operations based on public data made available by SUSEP on 12/13, 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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