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Brazil Insurance Report

Published OnAug, 2016
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BMI View: Brazil's insurance industry has continued to grow despite the combined effects of low economic growth and high inflation on the country's wider financial services sector. The core drivers of growth over recent years have been the expansion of the middle class, combined with an ageing population which, together, have supported demand for personal insurance products, such as life, health and motor insurance.

We also noted a growing tendency towards savings and investment activity in the life insurance sector. For a country of its size, insurance penetration and density have remained relatively low, allowing for consistently high levels of premium growth over recent years, though this has also been due, in part, to high inflationary pressures. As the country's economic downturn begins to bottom out, we see opportunities for investors and new entrants over the next few years. Brazil's composite insurers (many of which are subsidiaries of banking groups), have become increasingly amenable to mergers and partnerships with overseas firms as they look to shore up their balance sheets, and we expect to see merger and acquisition activity increasing over the coming months.

Key Updates And Forecasts
-In May 2016, French insurance group AXA said it was considering making further acquisitions as it looks to extend its footprint in Brazil's insurance market. The company, which entered the country

BMI Industry View ...... 5
Table: Headline Insurance Forecasts (Brazil 2013-2020) . . . . 5
SWOT ...... 7
Insurance ..... 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Brazil 2013-2020) 12
Table: Life Insurance Claims (Brazil 2008-2014) . . 13
Non-Life Premiums Forecast ..... 14
Table: Non-Life Premiums (Brazil 2013-2020) 17
Table: Non-Life Insurance Claims (Brazil 2009-2014) . 18
Non-Life Sub-Sector Forecast .... 19
Table: Non-Life Insurance Premiums by Product Line (Brazil 2013-2020) 28
Insurance Risk/Reward Index ...... 30
Latin America Insurance Risk/Reward Index ...... 30
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q416 31
Market Overview ...... 32
Life Market Overview . 32
The Product Offering 32
The Competitive Landscape ..... 32
Table: Life Insurance Market (USDmn) 2011-2013 34
Non-Life Market Overview . 35
The Product Offering 35
The Competitive Landscape ..... 37
Table: Non-Life Insurance Market (USDmn) 2012-2015 . . . . 38
Company Profile 39
Bradesco Seguros ...... 39
BB Seguridade Participações SA 42
Itaú Seguros ...... 44
Porto Seguro ..... 46
SulAmérica . 49
Methodology ...... 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology ...... 54
Table: Indicators . 56
Table: Weighting of Indicators . 57
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View: Brazil's sluggish economic growth, forecasted at 2.8% for 2014, continues to dampen both investor and consumer confidence and weakens its economic position in Latin America. As the host of major sporting events in 2014 and 2016, economists were hopeful about the potential growth opportunities that this would bring. However, industrial prod

Brazil Food and Drink Report
BMI View: The Brazilian consumer faces a dim outlook over 2016, on the back of a deepening recession. A weak economic environment characterised by slow job creation and high inflation will continue to constrain private consumption growth. As a result the food and drink industry will contract in US dollar terms over 2016. Key Trends &
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BMI View: Brazil is in the midst of the largest economic and political crisis in more than a decade. This is having an adverse impact on household incomes and consumer confidence. While a gradual recovery is expected to start in 2017, a weak labour market, elevated inflation and reduced access to consumer credit will continue weighing o
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Brazil Tourism Report
BMI View: This quarter will be key for Brazil's tourism market, as we expect the bulk of arrivals and receipts to be centred on the Rio Olympic Games in August. However, after this event we forecast a period of moderation for the industry, with a post-event lull combining with domestic economic weakness to lower demand and investment.

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