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The results of the leading Brazilian insurance companies in relation to 2013 totally vindicate
our view that Brazil is 'one of the most exciting and dynamic insurance markets globally. A deteriorating, but far from disastrous, economic environment has apparently had no adverse impact on the leading life insurers, non-life insurers or specialty health insurers. Both sectors are benefiting from positive 'demand pull' and 'supply push' factors. Both the major segments are being boosted by first-time users of insurance products. Some of the life companies have reported surging sales in VGBL, PGBL and (especially) Capitalização savings bonds over the last year.
The risk-return profiles of these products are clearly perceived as being superior by the policy-holders. In the non-life segment, numbers of policy holders in even basic sub-sectors such as motor vehicle insurance and property insurance are also growing quite rapidly. The 'supply push' factors are easy to identify. The insurance companies are innovative in terms of product development and dynamic in terms of distribution strategies. This is at a time that the vast majority of them are able to leverage benefits of scale, brand and association with major financial institutions. We see no reason why the positive trends will not continue through 2014 and 2015 and into the later years of the forecast period. We will likely be revising our forecasts upwards in coming months. In the short-term, likely softness of the BRL will continue to constrain the growth of premiums in US dollar terms.
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