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Brazil life insurance market: Over 20% growth witnessed between 2008-2012

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Life Insurance in Brazil, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-22 01:40:05
The Brazil life insurance market grew at a CAGR of 20.6% during the review period. Growth in the life segment was driven by economic improvements, the growing middle class population, increases in disposable income, a significant increase in demand for deferred annuity products and improving consumer awareness of insurance products.

The Brazil insurance market was the largest in the Latin American region in terms of written premiums during the review period and grew at a CAGR of 15.7%. The life insurance segment accounted for the largest market share of 56.2% of the industry in 2012 and grew at a CAGR of 20.6% during the review period. Despite this industry expansion, Brazil remains a largely untapped market with 70% of the employed population being uninsured.

During the review period, the life segment contributed around 60% of total Latin American life insurance premiums. However, a major share of this premium was generated by the affluent population; with around 90% of the total population remaining uninsured. The presence of such a large uninsured population creates opportunities for insurers to expand over the forecast period

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