RIO DE JANEIRO, BRAZIL – The national insurance sector collected R$125.4 (US$31) billion in the first half of this year, an 8.4 percent increase compared to the same period last year.
As per the evaluation of the president of the Confederation of Insurance Companies (CNseg), Marcio Coriolano, this is the highest growth recorded in the sector’s revenue since 2015.
The figures were released on Monday, September 2nd by CNseg and do not include the collection of DPVAT (Personal Damage Insurance Caused by Land Road Vehicles) and Supplemental Health Insurance.
Coriolano stated that the accumulated result for January/June of this year is due to the 5.5 percent expansion in the Damage and Liability segment and 9.3 percent in the People Coverage segment.
In the first half of the year, the highlights were maritime and aeronautical insurance (+32.4 percent); bonds and guarantees (+29.5 percent); civil liability (+20.7 percent); rural (+11.9 percent); and property (+11.5 percent). The automobile business, considered the main portfolio of property insurance, fell 0.7 percent in the first six months of this year.
In the People segment, Risk Plans increased by 12.8 percent, while VGBL (Lifetime Free Benefit) and PGBL (Free Benefit Guarantee Plan) insurance increased 8.2 percent and 5.7 percent, respectively.
Considering the last 12 months, the sector had an increase of 3.1% over the same period of the previous year ending in June 2018.
According to CNseg, the sector’s revenue in June reached R$21.9 billion, without DPVAT and Supplemental Health, and showed growth of 15.6 percent over June of last year.
The figures for the month reveal a 3.9 percent drop in revenue between Damage and Liability policies and, on the other hand, a 27.4 percent increase in coverage for people, due to the monthly recovery of Accumulation Plans (+35.4 percent) and Risk Plans (+13.7 percent).