2014-04-22 01:45:01 - Personal Accident and Health Insurance in Brazil, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The Brazil health insurance market recorded the fastest growth at a CAGR of 7.5% in the overall insurance industry during the review period. The growth was partly due to increased medical expenditure, which fuelled the health insurance category, and the strong performance of the travel insurance category, which grew at a CAGR of 9.6% during the review period.
This was further supported by the country´s improved macro- and microeconomic fundamentals. These indicators are likely to remain buoyant and drive overall segment growth over the forecast period. As such, the personal accident and health segment is expected to increase at a CAGR of 6.5% over the forecast period.
In terms of gross written premiums, the Brazilian insurance industry is considered one of the
15 leading insurance industries in the world. A large proportion of Brazilians do not have access to private health insurance. The personal accident and health insurance segment in Brazil is highly concentrated.
Direct marketing is critical for development in the segment. The popularity of the direct marketing channel was driven by the increasing use of mobile phones. APRA is the regulatory body for insurance and is authorized to issue and retract the licenses of stakeholders such as insurance companies, agents and brokers.
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