The insurance market recorded revenues of BRL10 billion in February, an increase of 13.1% in comparison with the same period last year. This is what the data from the IRB+Mercado Newsletter shows, a report in Portuguese from the IRB+Intelligence platform, an IRB Brasil RE’s initiative based on public information released by Susep. The result indicates continuity in the sector’s growth rate, which has taken place for eight consecutive months, and represents the second highest rate for February since 2015. In total, more than 70% of the insurance groups presented growth. In the accumulated result for the year (January and February, 2021), this area grew 11.3%, making up BRL21.1 billion.
The Life line, holding 36% of such value and growing steadily since July 2020, earned BRL3.8 billion in the second month of 2021, a positive variation of 6.8% in comparison with February last year. The increase occurred mainly due to the performance of the products Individual Life (21.9%), Group Life (8.2%), Group Personal Accidents (9.9%) and Group Loan Insurance (2.8%). Vehicle insurance increased again (6%), accounting for BRL2.7 billion. Besides, the reduction in claims expenses contributed to the results of the insurers that operate with this product. It could be seen in the improvement in the claim rate from 64.3% to 59.4% comparing the accumulated result for (January and February) 2020 with the one for 2021, respectively.
As a third highlight in February, the Corporate Damage and Liability insurance (without Rural, Credit and Guarantee ones) recorded revenues of BRL1.9 billion, an increase of 27.9%. The modality was influenced by the Loss of Profits (340%) and Oil (164.5%) products. In the same area, it is also worth noting the increase in Cyber Risks (284.6%), reflecting the entry into force of the General Data Protection Act (LGPD) and the increase in people working from home. Individual Damage and Rural insurance summed up, separately, BRL903 million and BRL465 million, increases of 17.8% and 55.1%. The Credit and Guarantee segment had BRL326 million in premiums issued, which represents a growth of 21.3%.
The IRB+Mercado Newsletter summarizes insurance operations based on public data made available by Susep, focusing on damage, liability, and personal insurance. The publication also lists the five largest insurance groups by business line. The analysis, which is published monthly, is completely available on the company’s website (www.irbre.com). At the same page, IRB also offers Dashboard IRB+Mercado Segurador, a dynamic panel developed by the reinsurer with information from all of the sector.