National insurance industry revenue should grow 12.6% in 2021

RIO DE JANEIRO, 14 December 2021 /PRNewswire Policy/ -- The National Confederation of Insurers (CNSeg) estimated today (14) that the sector's revenue, excluding data from health insurance and personal injury caused by land-based motor vehicles (DPVAT), should close 2021 with approximately R$ 303.4 billion, an increase of 12.6% over 2020.

"Only something very serious can lead to growth below double digits", expressed the president of CNSeg, Marcio Coriolano. The projection considers the 12 moving months until October this year, updated this month.

The damage and liability segments contribute to this result, with an expansion of 13.3% over last year, personal coverage - risk plans (12.9%), personal coverage - accumulation plans (14%), capitalization (3.5%) and supplementary health (7.1% in the four moving quarters ended in the 3rd quarter).

According to the executive, this year there was a very strong market recovery. Projections for the future will be influenced by the conditions of the Brazilian economy and will expand on a fatter basis this year, he indicated.

For 2022 compared to 2021, the insurance industry forecasts an evolution of collection without health and without DPVAT, of 2.6%, in a pessimistic scenario, and 9%, in an optimistic scenario. Coriolano stated that the insurance sector “is very sensitive to the attributes of production, employment and income”. He considered that the health crisis led people to choose to meet basic needs and only then think about insurance. He highlighted, however, that 73% of Brazilians earn below two minimum wages and the market needs to think about serving this portion of the population, mainly with microinsurance and inclusive insurance.

SOURCE Agência Brasil - Empresa Brasil de Comunicação S/A - EBC