Brazil is the largest and most populated country in South America. Brazil has the largest insurance market in Latin America. Brazil will become the 8th largest insurance market in the world by 2020 from current position in 15th largest market.
There are 3 main types of insurance policy in Brazil , they are : Life Insurance, automotive insurance and health insurance.
The Superintendencia de Seguros has been working as the regulatory body in the insurance business in Brazil.�
Brazil insurance market is largly a domestic players dominated market . There is a higher need to upgrade the regulatory policies to make market more feasible. There is a lack of trained professionals to meet all the changes required and the capital requirements to meet all the growth needs.
Brazil insurance sector has experienced a higher rate of growth because of economic reforms which opened the market in the deregulation process to foreign insurance companies. Also a growing population with better economic situation will invest in life and non life insurance products.
Insurance industry is an important part of Brazil’s financial sector. Large banks have dominated the insurance market because they have the proper distribution channel to sell insurance.
The Brazilian insurance industry is undergoing a lot of changes trying to meet the needs of customers � Brazilian market in under-insured and there are new policies for industry regulation forcing service oriented approach, fairness and effective policy. Brazil has a strong non life insurance market covering various financial risks to property.
Car insurance is a big market in Brazil which is going to be still bigger , Car insurance is mandatory to protect against the financial risk of damage to life and property of others. There is lesser supervision of the car insurance.
Brazil is one of the most sought out travel destination, so when one is travelling to Brazil it is better to take travel insurance which will protect not only against the loss of property or health risks but also in case of trip cancellations and other such problems.
In Brazil both public and private health care is available , It is recommended that one should take private health insurance so that major part of health care can be covered.
Home insurance in Brazil covers damages as a result of fire or water, theft and accidents.
The 2014 FIFA World Cup and 2016 Olympics Games will help in the growth of non life and life insurance market.
Last Updated on : 26th August 2013