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BMI View: Brazil's insurance sector will continue to buck wider economic trends over the next few years,with both life and non-life insurers well places to grow their businesses and achieve growth in underwritingvolumes. In fact, uncertainty surrounding Brazil's economic and political outlook may well serve as a driverfor premium growth as consumers turn to life insurance products as a conduit for savings and investments.The need for long-term financial security will be underpinned by an ageing population and growingretirement-age demographic. These trends are drawing interest from overseas investors, with France's CNPAssurance one of a number of multinationals increasing their exposure to the market. Likewise, an extensivehealth insurance segment will continue to drive non-life premiums as Brazilians hedge against reducedlevels of state healthcare and welfare provision. That said, a major risk for insurers will be high inflationwhich threatens to erode real premiums growth and drive up claims. This may deter some investors fromentering or extending their footprint in the market in the coming months.
Key Updates And Forecasts
- In April 2016, Caixa Seguradora acquired a 51% stake in Banco BTG Pactual subsidiary, PanSeguros, for a reported BRB700mn. The deal gives French insurer CNP Assurances a greater footprintin Brazil's life insurance market; given the market's relatively strong growth potential it's possible othermultinationals will look for similar M&A opportunities or partnerships with local firms.
- In the same month, Colombia's Suramericana acquired the Brazilian insurance operations of UK-basedinsurer RSA.
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