The insurance market closed October with an increase of 11.5% in its income (issued premiums), in comparison with the same period of the previous year, indicating a process of recovery of the national economic activities. It is what the Newsletter IRB+Mercado, report disclosed today (December 16th) by IRB+Inteligência, IRB Brasil RE’s data intelligence service, shows. It was the second best month in 2020, with a growth in almost all business lines (the newsletter does not include DPVAT, health, VGBL, PGBL and other retirement lines), outperformed only by September, which recorded an increase of 17.4%.
Regarding the accumulation of the ten first months of this year, the increase is 4.4% in comparison with 2019. The rural insurance sector showed the highest increase, with BRL6 billion in issued premiums accumulated between January and October, 2020. Meanwhile, the automobile sector returned to 2017 level, reaching an income of BRL28.7 billion accumulated in the ten first months of this year.
The premiums granted to Brazilian reinsurers have also showed an increase. In October, according to the public data disclosed by the Federal Insurance Commissioner (Susep) analyzed in the Newsletter IRB+Mercado, the insurers granted 65.3% more premiums in reinsurance operations (the newsletter does not include DPVAT, health, VGBL, PGBL and other retirement lines) in comparison with October 2019. Considering the accumulation for this year, the increase reaches 33.5%, a reflex of the increase in the transfers in almost all the business lines.
The newsletter IRB+Mercado also shows the proportion of expenses with claimed losses, regarding the income provided for it in October (earned premiums for the month), improved 3.2% in comparison of 2020 and 2019. Considering the accumulation of this year, the index dropped 2.2%, showing a general improvement in the margins for Brazilian insurers.
The newsletter IRB+Mercado summarizes the insurance and reinsurance operations from the public data made available by Susep, focused on damages, liability and personal insurances. The analysis, published on a monthly basis, is available, as a whole, in Portuguese on the company’s website (www.irbre.com). On the same link, IRB also offers an interactive data dashboard allowing for dynamic consultation to the data. The Dashboard IRB+Mercado Segurador, as it is called, was developed by the reinsurer. It is free, easy to access, and brings information from all the sector.