Brazil

Brazil Insurance Market Highlights

Market Regulation:

The sector is supervised by SUSEP. Axco’s reports highlight the 2026 expansion of Open Insurance and the continuity of the regulatory process for the new Insurance Act.

Non-Life Market Trends:

Brazil is the largest insurance market in Latin America; Axco’s data shows growth led by Agro-insurance and Surety bonds linked to national infrastructure projects.

Distribution Channels:

Independent brokers (Corretores) are legally required for most transactions; Axco’s distribution research confirms their continued dominance despite the rise of digital platforms.

Key Risks & Outlook:

Claims inflation remains a hurdle; Axco analysis points to a steady transition toward more sophisticated risk-based capital models through 2026.

Insurance Companies:

Axco Navigator details 129 insurance companies are authorised to write business in Brazil, of which about 100 operate in non-life classes and life-classes.

Insurance Statistics:

Axco reports written premiums in 2025 increased by 7.5% to BRL 135,206 Mn with motor the largest class of business, accounting for 46% of premiums. Insurance penetration stands at 1.07%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Brazil Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Brazil includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in Brazil?

A total of 101 non-life insurance companies reported direct non-life premiums to the insurance regulator, SUSEP, in 2025, although several of these form part of larger groups. FenSeg reported in March 2026 that it had 80 affiliated insurers. The top five insurers were Porto Seguro, Tokio Marine, Allianz Seguros, Bradesco Auto and MAPFRE Seguros Gerais.

There were 15 local reinsurers. In addition, the number of managing general agents (MGAs) continues to increase.

In the Non-Life (P&C) market, Porto Seguro Companhia de Seguros Gerais S.A. was the market leader, recording BRL 20,435.71 million in written premiums and 15.11% market share in 2025. It was followed by Tokio Marine Seguradora S.A. (BRL 14,154.22 million; 10.47% market share) and Allianz Seguros S.A. (BRL 11,403.85 million; 8.43% market share).

Among the leading non-life insurers, Bvix Seguradora S.A. reported the strongest growth. 101 companies are licensed for non-life business.

Who are the top non-life insurers in Brazil?

Source: Axco Navigator, Brazil Insurance Market Rankings.

What is the Life Insurance market in Brazil?

At the end of 2025, there were 98 life insurance companies and 13 open pension entities. The market leader for risk premiums written was Brasilseg Companhia de Seguros SA, whilst the leading accumulation (primarily pension) insurance company was Brasilprev Seguros E Previdencia.

Closed pension fund (EFPC) managers numbered 266 that together administered 1,135 pension funds with around 3.9 million members. There were also 1,116 active supplementary healthcare service operators at the end of April 2025.

In the Life insurance market, Brasilseg Companhia de Seguros S.A. was the largest insurer in 2025, generating BRL 10,188.59 million in written premiums and holding 14.65% market share. It was followed by Itau Seguros S.A. (BRL 6,226.22 million; 8.96% market share) and Zurich Santander Brasil Seguros e Previdencia S.A. (BRL 5,462.82 million; 7.86% market share).

The fastest-growing major life insurer was Facta Seguradora - Microsseguradora S.A.. 98 companies are licensed for life business. 

Who are the top life insurers in Brazil?

Source: Axco Navigator, Brazil Insurance Market Rankings.

Country Information

Brazil is the largest and most populous country in Latin America and the fifth largest in the world in terms of size and population. It borders all South American countries except Chile and Ecuador. Brazil is divided into 26 states and one federal district, which encompasses the capital Brasilia. These are further subdivided into 5,570 municipalities. The climate can vary considerably from tropical in Amazonas state to temperate in the country's southern region.

Its insurance market is the largest in South America. The non-life (property and casualty) market is dominated by motor, with a share of 53.3% in 2019. Property accounted for 25% of total premium in that year. The most significant compulsory insurance class is personal accident cover protecting anybody involved in a motor vehicle accident. Known as DPVAT, this is bought at the time of acquiring a vehicle or renewing the annual car tax. Local bank-related and other insurers had moved away from the more significant commercial sector to concentrate on personal lines and SME business.

A solid regulatory framework for microinsurance was established in 2012, and could be a potential growth area in the longer term, but it is presently minimal and in early 2021 was relevant primarily for life products.

At the end of 2018, there were 73 life insurance companies and 79 non-life insurance companies, several of these forming part of larger groups. There were also nine specialist health insurers.  According to the local broker association, there were around 50,000 individually registered active brokers and over 44,000 broking businesses.