1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
  4. > Professional Indemnity Insurance in Brazil

Professional Indemnity Insurance in Brazil

  • March 2016
  • -
  • Finaccord
  • -
  • 34 pages

Professional Indemnity Insurance in Brazil is a report about the Brazilian market for and distribution of policies covering professional liability. For 2011, 2015 and with a forecast for 2019, the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 13 categories considered as follows:

accountancy and finance;
architecture;
D&B (design and build);
engineering;
estate agency;
financial and insurance intermediation;
healthcare-related services;
IT and business consulting;
legal services;
media and marketing;
medicine and dentistry;
surveying;
other professional sectors.
In particular, the report quantifies the number, growth in number and segmentation of insurable enterprises in Brazil from 2011 to 2015 plus the value, growth and segmentation of the market for professional indemnity insurance over the same time frame and with a forecast to 2019. These segmentations are provided not only for each of the 13 aforementioned professional categories but also by annual fee income or turnover band in order to show the potential and actual market value in Brazil attributable to the largest and smallest professional enterprises.

In addition, three further segmentations of the market value in 2015 are also given: between business dealt with by domestic underwriters and that placed with non-domestic underwriters; between new business and renewals; and between primary layer and excess layer business.

Moreover, on the basis of a survey of leading brokers of professional indemnity cover in Brazil, the report identifies the underwriters of this type of insurance that are used most frequently and provides estimates for the market shares by premium income of leading underwriters in 2015 for all forms of professional indemnity cover combined expressed as a percentage range (e.g. 5.0% to 7.5%).

Finally, the study identifies affinity schemes for professional indemnity insurance in Brazil set up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of close to 150 such associations), highlights other distribution channels used to sell this form of insurance (e.g. brokers, direct sales, online aggregators, other affinity partners) and discusses key issues associated with the market.

Table Of Contents

Professional Indemnity Insurance in Brazil
TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about? 3
Finaccord's study breaks down individual country markets into 13 professional categories… 3
… with a number of other key segmentations also provided 3
Rationale 3
This series of reports delivers up-to-date research about a complex, multi-faceted insurance sector… 3
with affinity schemes researched in detail through the associated PartnerBASE dataset 4
Methodology 4
Survey of professional and trade associations 4
Survey of brokers and underwriters 4
Market data 6
Definitions 6
Professional indemnity insurance 6
Professional categories 7
Operating models 8
Other notes 8
PartnerBASE and market data file 9
Finaccord 9
20 MARKET ANALYSIS 11
Introduction 11
Number, growth in number and segmentation of insurable enterprises 12
Brazil is unusual in hosting a comparatively high number of ‘other miscellaneous' professional enterprises… 12
… albeit the number of IT and business consultants has been rising most rapidly 12
Insurable enterprises are concentrated in the lowest annual fee income or turnover band 14
Market value, growth and segmentation 16
Premiums in the medicine and dentistry category advanced most quickly from 2011 to 2015… 16
… and the value of premiums paid in this segment is also highest 16
However, take-up rates are modest across all categories as holding insurance is never an obligation 16
Almost 40% of the market value is due to the largest tranche of insurable professional enterprises 18
This line's loss ratio increased quite markedly between 2011 to 2015 18
There has been long-standing resistance to the concept of compulsory medical liability insurance 20
Awareness of the benefit of insurance is rising in the architecture, DandB and engineering categories… 20
… and also in certain other professional sectors as a result of the development of local affinity schemes 20
Virtually the entire value of the market is dealt with by Brazil-based underwriters… 21
… albeit the percentage attributable to new business (as opposed to on-going business) is apparently high 22
Only a low proportion of premiums are due to excess layer cover 23
Underwriter utilisation and market shares 24
ACE, AIG and Zurich enjoy the highest regular utilisation rates among brokers researched… 24
… and the same three underwriters are also market leaders by value of premiums… 25
… in an overall market for professional indemnity cover in which over 20 underwriters are competing 25
Affinity schemes with professional and trade associations 27
Very few affinity schemes have been established at a national level for professional indemnity cover… 27
… albeit a number exist at a local or regional level for architects and insurance brokers, in particular 27
Other distribution channels 30
Brokers 30
The vast majority of professional indemnity insurance premiums are intermediated by brokers… 30
PROFESSIONAL INDEMNITY INSURANCE IN BRAZIL
© FINACCORD (03/2016) ii
Direct sales 30
… as direct sales do not exist… 30
Online aggregators 31
… and as the involvement of price comparison sites is limited 31
Other affinity partners 31
Several banks have added professional indemnity cover to their bancassurance portfolio 31
Market value forecast 31
Premiums are expected to rise across all categories through to 2019… 31
… albeit at a lesser rate than was apparent from 2011 to 2015, due to Brazil's struggling economy 33

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Number of insurable enterprises and value of professional indemnity insurance in Brazil, segmented by professional sector, 2015 2
10 INTRODUCTION 3
Professional and trade associations contacted by Finaccord, segmented by professional category and membership type 5
20 MARKET ANALYSIS 11
Number of insurable enterprises in Brazil, segmented by professional sector, 2015 12
Compound annual growth or decline in number of insurable enterprises in Brazil, segmented by professional sector, 2011 to 2015 13
Number of insurable enterprises in Brazil, segmented by professional sector, 2011 and 2015 (table) 14
Number of insurable enterprises in Brazil, segmented by annual fee income / turnover band, 2011 and 2015 15
Number of insurable enterprises in Brazil, segmented by annual fee income / turnover band, 2011 and 2015 (table) 15
Gross written premiums for professional indemnity insurance in Brazil, segmented by professional sector, 2011 and 2015 17
Gross written premiums for professional indemnity insurance in Brazil, segmented by professional sector, 2011 and 2015 (table) 18
Gross written premiums for professional indemnity insurance in Brazil, segmented by annual fee income / turnover band, 2011 and 2015 19
Gross written premiums for professional indemnity insurance in Brazil, segmented by annual fee income / turnover band, 2011 and 2015 (table) 19
Gross written premiums for professional indemnity insurance in Brazil segmented between domestic and non-domestic underwriters, 2015 21
Gross written premiums for professional indemnity insurance in Brazil segmented between new business and renewals, 2015 22
Gross written premiums for professional indemnity insurance in Brazil segmented between primary and excess layer business, 2015 23
Percentage of brokers surveyed making regular use of particular underwriters for professional indemnity insurance in Brazil, 2015 24
Estimated market shares of underwriters of professional indemnity insurance in Brazil, 2015 26
Estimated market shares of underwriters of professional indemnity insurance in Brazil, 2015 (table) 27
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Brazil: provision rate and operating models, 2015 28
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Brazil: broker share of partnerships, 2015 29
Affinity schemes for professional indemnity insurance offered through professional and trade associations in Brazil: underwriter share of partnerships, 2015 30
Gross written premiums for professional indemnity insurance in Brazil, segmented by professional sector, 2019 (forecast) 32
Gross written premiums for professional indemnity insurance in Brazil, segmented by professional sector, 2019 (forecast) (table) 33
Gross written premiums for professional indemnity insurance in Brazil, segmented by annual fee income / turnover band, 2019 (forecast) 34
Gross written premiums for professional indemnity insurance in Brazil, segmented by annual fee income / turnover band, 2019 (forecast) (table) 34

View This Report »

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
24/7 Customer Support

Talk to Ahmad

+1 718 618 4302

Purchase Reports From Reputable Market Research Publishers
Governance, Risk and Compliance – The Macau Insurance Industry

Governance, Risk and Compliance – The Macau Insurance Industry

  • $ 950
  • Industry report
  • November 2016
  • by Timetric

Synopsis Timetric’s 'Governance, Risk and Compliance – The Macau Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Macau. It provides detailed ...

Governance, Risk and Compliance – The Latvian Insurance Industry

Governance, Risk and Compliance – The Latvian Insurance Industry

  • $ 950
  • Industry report
  • September 2016
  • by Timetric

Synopsis Timetric’s 'Governance, Risk and Compliance – The Latvian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Latvia. It provides detailed ...

Life Insurance in Turkey, Key Trends and Opportunities to 2020

Life Insurance in Turkey, Key Trends and Opportunities to 2020

  • $ 1450
  • Industry report
  • September 2016
  • by Timetric

Synopsis Timetric’s 'Life Insurance in Turkey Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Turkish life insurance segment, and a comparison of ...


ref:plp2016

Reportlinker.com © Copyright 2016. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.