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Report: Brazil insurance sector has strongest H1 since 2015, up 8.4%

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Report: Brazil insurance sector has strongest H1 since 2015, up 8.4%

Revenues in the Brazilian insurance sector grew by 8.4% in the first half of the year compared to the year-ago period, figures compiled by insurance industry association CNseg show.

"The insurance sector is resilient ... the outlook is very positive," Marcio Coriolano, president of CNseg, said in a video posted on the association's website. With 125.4 billion reais collected in income from premiums, Coriolano said industry growth had been considerably higher than that of the broader economy, which showed signs of stagnation during the same period.

According to CNseg, these results represent the strongest performance since the first half of 2015, when the industry showed double-digit growth figures. Coriolano said a 5% to 9% growth rate is expected for the full year 2019.

Individuals insurance grew by 9.3% in the period, while property insurance rose by 11.5% in the six months. Auto insurance fell in the period by 0.7%.

Among specific product lines, the highest growth rate came from maritime and aviation insurance, up 32.4%, followed by credit and guarantees, and civil liability, with 29.5% and 20.7%, respectively.

As of Sept. 2, US$1 was equivalent to 4.16 Brazilian reais.