The Brazilian insurance sector is expected to grow about 10% in revenues next year, after a 17.1% increase in 2022 (excluding supplementary health care), the National Confederation of Insurance, Private Pension and Life Companies predicted this Thursday, complementary healthcare and capitalization (Cnseg).
In 2021, the growth of the sector was 11.8%.
The highlight in 2022 is the non-life and liability business, which is expected to grow by 25.2%, while the life and pension business is expected to grow by 13.1%.
The revenue projection for next year takes into account a GDP estimate of 2.2%, well above the Focus bulletin. This week, the market forecast a 0.75% GDP increase in 2023.
The president of Cnseg, Dyogo Oliveira, said that the Transition PEC can help the insurance sector and the economy in 2023.
“We think the PEC will have an impact of 140 to 150 billion reais in terms of aid, investment and budget increases,” he told Reuters. “We believe that the PEC will not have much impact on the tax issue and, coming out of the pandemic, it is understandable that there is attention towards the people most affected by the disease with lower incomes and employment”.
In 2022, the Brazilian insurance market will close with a share of 6.4% of GDP, the same level as in 2021. For 2023, Cnseg is already forecasting an expansion to 6.6% of GDP.
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Source: Terra
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
