This is according to GlobalData, which also predicts the general insurance industry in Brazil should grow by 8% in 2023 and 6.7% in 2024. This is thanks to growth in the economy, investment in new infrastructure, and increasing health awareness.

However, due to the normalisation of economic recovery after the Covid-19 pandemic, as well as difficult market conditions, this growth is slower than in previous years.

Anurag Baliarsingh, insurance analyst at GlobalData, said: “Brazil’s general insurance industry grew by 11.2% in 2022, after growing by 10.8% in 2021, the first double-digit growth registered since 2016. The growth was attributed to rising demand for health insurance, investment in infrastructure projects, and a significant increase in motor insurance premium policy rates as a result of inflation.”

Personal accident and health (PA&H) is the leading line of business in the Brazilian general insurance industry in 2023, accounting for a 52.8% share of the premiums. PA&H insurance is expected to maintain its leading position untill 2027 and grow at a CAGR of 5.6% during 2023-27.

Baliarsingh continued: “The growth of PA&H insurance will be supported by higher demand for health insurance due to increased awareness after the pandemic as well as rising medical inflation that has increased the cost of treatment. Changing demographic factors, such as the country’s aging population, will also support the growth of PA&H insurance. As per World Health Organization (WHO), 13% of the country’s population was aged over 65 years as of 2022, which is expected to reach 24% by 2030.

“The Brazilian economy is forecast to grow by 2.5% in 2023 and 1.6% in 2024, due to a slowdown in exports, weaker private consumption, unfavorable global economic outlook, and rising interest rates. Withstanding the impact of the economic slowdown, the general insurance industry is projected to witness an upward growth trend from 2025 onwards, supported by growing demand for health insurance and rising automobile sales.”

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