{"id":8506,"date":"2023-12-28T15:00:23","date_gmt":"2023-12-28T18:00:23","guid":{"rendered":"https:\/\/www.irbre.com\/?p=8506"},"modified":"2024-01-05T10:01:55","modified_gmt":"2024-01-05T13:01:55","slug":"insurance-companies-net-income-grew-78-until-october","status":"publish","type":"post","link":"https:\/\/www.irbre.com\/en\/insurance-companies-net-income-grew-78-until-october\/","title":{"rendered":"Insurance companies’ net income grew 78% until October"},"content":{"rendered":"

Insurance companies’ net income growth was 77.9% in the first ten months of 2023, compared to the same period in 2022, amounting to R$ 30.4 billion. This is shown in the 37th edition of the IRB+Market Bulletin<\/a>, as released today (12\/28) by the IRB+Intelligence<\/a> platform. A full analysis and the data panel that allows dynamic querying of information are available on the IRB(Re) website.<\/p>\n

The rise reflects a 9.8% increase in written premiums and a 9.1 percentage point drop in the loss ratio for the same period. From January to October, turnover – premiums written by insurance companies – totaled R$ 155.6 billion, highlighting the increase of R$ 4.8 billion in the Automotive segment. The loss ratio dropped from 51.2% to 42.1%, the lowest ratio for the first ten months of the year in the historical series starting in 2014.<\/p>\n

Considering the information published by Susep, the insurance and reinsurance market regulatory body, on December 18, the IRB+Market Bulletin<\/a> shows that, among the top ten insurance groups by turnover, the ones with the highest loss ratios were Allianz (63.3%), Liberty (52.7%) and Porto Seguro (51.4%). The lowest ratios were shown by Zurich Santander (17%), Ita\u00fa-Unibanco (20.6%) and Caixa (24.6%).<\/p>\n

Analysis by segment: Rural segment loss ratio dropped by 73.1 percentage points<\/strong><\/p>\n

Responsible for the highest turnover of the insurance market, the Life<\/strong> segment increased 7.7% from January to October 2023, compared to the same period in 2022, totaling R$ 51.6 billion in written premiums. During this period, the products with the highest variation rates were Loan protection (35.2%) and Life (20.4%) insurance, in the Individual modality, and Travel insurance (20.8%), in the Group modality. The loss ratio dropped 2 pp and closed at 29.9%.<\/p>\n

Automotive<\/strong> segment, in the year to date, increased by 11.5%, reaching a R$ 46.3 billion turnover. The segment’s loss ratio dropped from 71.1%, in 10M22, to 58.1%, in 10M23. Regarding Corporate Damage and Liability Insurance<\/strong>, which increased written premiums by 10.9%, compared to 10M22, recorded a slight rise in loss ratio: from 38.2% in 10M22 to 38.9% in 10M23.<\/p>\n

Individual Damage Insurance<\/strong> grew 13.6% in 10M23, compared to 10M22. In the same period, the loss ratio dropped 3 pp, and closed at 33.9%. In the Rural<\/strong> segment, despite the shrinkage recorded for three consecutive months, the accumulated result for 10M23 closed with growth of 4% compared to 10M22. The loss ratio dropped by 73.1 pp and reached 34.4%, the lowest value ever recorded for the period since the beginning of the historical series in 2014.<\/p>\n

The Credit and Guarantee<\/strong> segment recorded, in October, the first drop in written premiums for the year. In 10M23, the rise, however, amounted to 15.7%, compared to the same period of the previous year, highliting the Insured Guarantee product – Public Sector and Internal Credit, with a variation of 27.2% and 14.3%, respectively. Loss ratio increased by 19.7 pp and reached 54.1% in the year to October.<\/p>\n

The IRB+Market Bulletin<\/a> summarizes insurance operations, considering damage, liability and personal insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"

Insurance companies’ net income growth was 77.9% in the first ten months of 2023, compared to the same period in 2022, amounting to R$ 30.4 billion. This is shown in the 37th edition of the IRB+Market Bulletin, as released today (12\/28) by the IRB+Intelligence platform. A full analysis and the data panel that allows dynamic […]<\/p>\n","protected":false},"author":5,"featured_media":6912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[63],"tags":[],"class_list":["post-8506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/posts\/8506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/comments?post=8506"}],"version-history":[{"count":1,"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/posts\/8506\/revisions"}],"predecessor-version":[{"id":8507,"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/posts\/8506\/revisions\/8507"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/media\/6912"}],"wp:attachment":[{"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/media?parent=8506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/categories?post=8506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irbre.com\/en\/wp-json\/wp\/v2\/tags?post=8506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}