IRB+Market Bulletin, disclosed by the IRB+Intelligence platform, shows that the sector issued R$18.1 billion in premiums in the eighth month of 2024, up 3.5% compared to August 2023. The reinsurance contracts fell 15.2%
The net profit of insurance companies dropped 19.5% in August, compared to the same period last year, closing the month in R$3.1 billion. This is shown in the 46th issue of the IRB+Market Bulletin, as disclosed today (November 05) by the IRB+Intelligence platform. The analysis considers the most recent data published by Susep, the agency that regulates the sector, on October 28 and focuses on damage, liability and personal insurance. Year-to-date, insurance companies recorded a net income of R$23.8 billion, down 2.7% year-on-year.
In all, in August, the sector issued R$18.1 billion in premiums, up 3.5% compared to the same month in 2023. Almost all segments grew, except Rural, which dropped 11.9%, to R$1.6 billion in written premiums. Credit and Guarantee was the segment with the highest positive change: 12.3%, with revenues of R$660 million. From January to August, the sector issued premiums of R$136.1 billion, an increase of 10%. The Life segment was responsible for 58% of the progress in revenues year-to-date.
The loss ratio, an indicator that evaluates the operating performance of insurance companies, was 41.1%, a slight increase of 0.3 percentage points (p.p.). In the sum of the first eight months of the year, the index was 43.7%, an increase of 1 p.p. Also in August, premiums ceded in reinsurance totaled R$2 billion, a decrease of 15.2%. Year-to-date, insurance companies contracted R$18.1 billion in reinsurance, an increase of 3.8%.
Life earns R$6.3 billion in August
In August, Life recorded revenues of R$ 6.3 billion, a growth of 9.8% when compared to the same period of 2023. With a monthly increase of 13.8%, the Collective Investor insurance was the one that contributed the most to the result. In 8M24, the segment, which was responsible for 34.9% of the market, advanced 17.7%, with a cumulative loss ratio of 29.4%.
The Auto segment issued R$5.2 billion in premiums in the eighth month of the year, a positive change of 0.8%. In the annual sum, the advance is 1.7%. The loss ratio, also cumulative up to August, stood at 59.5% (+0.6 p.p.).
Damages and Liabilities recorded revenues of R$2.9 billion in August, an increase of 1.3%. In 2024, the advance is 12.3%. The loss ratio, in August, increased from 34.9% to 46.7%, mainly due to the growth of 329.1 p.p. in Aeronautical claims, as a result of the Voepass air accident. In 8M24, the rate was 52%.
Individual damage totaled R$1.5 billion in August, an increase of 9.1% compared to the same period last year, mainly thanks to property risk insurance, a positive change of 7%. In 8M24, the segment rose 17.1%. Loss ratio fell 0.6 p.p., reaching 32.6% year-to-date in 2024.
The only segment with a retraction in August, Rural earned R$1.6 billion (-11.9%). Year-to-date, the segment also recorded a drop: -3.3%. The loss ratio from January to August stood at 36.2%, up 0.6 p.p.
Finally, Credit and Guarantee totaled R$660 million in written premiums in August, up 12.3%. From January to August, the segment accumulates an increase of 11.3%. The cumulative loss ratio decreased by 38.8 p.p. compared to the same period of the previous year and reached 22.3%.
The IRB+Market Bulletin, available in full on the IRB(Re) website, summarizes insurance operations. The IRB+Market Insurer Dashboard, which allows dynamic and free consultation of information, is also online. Go to www.irbre.com.
