Brazil Insurance, Companies & Insurance Quote
Brazil insurance is experiencing a high rate of growth recently and as per the statistics, the insurance sales growth rate was over 51% in 2003. There are many types of insurance in Brazil, and the life insurance contributes high to the insurance industry.
The regulatory body working here in the insurance business is the Superintendencia de Seguros and the leading companies dealing with insurance in Brazil are Itau Vida Insurance, Caixa Vida Insurance, Real Tokio Marine Vida Insurance, Santander Insurance, Alianca do Brazil, HSBC Vida e Previdencia and Mapfre Vera Cruz Vida Insurance.
Brazil offers big potential market for insurance, yet its population is left underinsured in the period 2004-2006. The Brazilian market is showing real strength in the incomes and there is an increase in the insurance market showing an expansion since 2003. However, the total premiums in 2006 accounted to 2.8% GDP.
The retirement savings market is expected to grow in premium terms during 2007-2011 by 18.89%, while the automobile insurance during the same period is expected to reach 14.15% compounded rate and the health insurance to 13%. Homeowner insurance by 14% and this is because of the declining interest rates.
The insurance in Brazil includes insurance lenders, life insurances, educational insurances, and among these insurance products in 2010 first quarter it was 15.59% accumulating R$3.6 billion premiums and this is high in comparison to R$3.1 billion of the previous year for the same period.
However, the relative growth is apparent in the life insurance sector and tourist insurance that marked R$268.9 million life insurance and 133.70% tourist insurance.
Referring to the insurance companies ranking in the segment of life insurance, Bradesco is in the first place with 16.79%.
This is followed with 15.83% by Itau, 10.07% by Insurance Company Alliance of Brazil, 9.37% by Santander, 8.81% by Mapfre, 4.41% by HSBC, 3.99% by MetLife Insurance, 3.56% by Box Insurance, 2.83% by South America, 2.71% by Tokyo Marine and all other insurance providers in Brazil represented the insurance premiums to 21.63%.
Brazil insurance also includes companies offering non-life insurance providers in Brazil such as Unibanco AIG Seguros Insurance, Itau Insurance, Tokio Marine Insurance, Porto Seguro CIA Insurance, Caixa Insurance, Sul America Insurance and AGF Brazil Insurance.