LatinFinance - May/June 2014 - 25
INVESTOR
PERCEPTION
STUDY
BRAZILIAN
INSURANCE
Insurance covering infrastructure, debt, health, and other
non-life risks is poised to expand quickly in Brazil, say investors.
By staff reporters
Insuring growth
T
he confluence of an emerging middle class and rapidly spreading online commerce is set
to be a boon to Brazil's vastly underpenetrated non-life insurance market, investors say. And while
opportunities for real money accounts to invest in the industry directly remain scarce, consolidation
is "inevitable", according to the Bradesco Seguros' Investor Perception Study on the 2014 outlook for
the Brazilian non-life insurance sector.
Already, mergers and acquisitions are running at pace. In the first weeks of 2014, French insurer
CNP Assurances said it would buy Tempo Dental for 133.6 million reais ($55.9 million), after picking up
personal insurer Previsul last year. Among the larger deals of 2013 were Bradesco Saude's purchase
of dental benefits provider Odontoprev, and Itaú Unibanco's acquisition of Banco BMG's insurance
business.
In aggregate, the survey underscored an industry with ample room to
increase. Brazil is the world's 13th largest insurance market. It has grown
rapidly in recent years, at between 15% to 20% - fuelled by the expanding
middle class. Yet, the penetration rate remains low, at 3.1%.
Within that, the non-life insurance business is a small part: life coverage
accounts for four-fifths of premiums in Brazil. That gives non-life particularly
May/June 2014 - l atinfina nce.com 25
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LatinFinance - May/June 2014
Table of Contents for the Digital Edition of LatinFinance - May/June 2014
Contents
LatinFinance - May/June 2014 - Cover1
LatinFinance - May/June 2014 - Cover2
LatinFinance - May/June 2014 - Contents
LatinFinance - May/June 2014 - 2
LatinFinance - May/June 2014 - 3
LatinFinance - May/June 2014 - 4
LatinFinance - May/June 2014 - 5
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LatinFinance - May/June 2014 - Cover4
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