First semester was positive for insurance, ranking shows

2023-11-03 17:10:48

The first six months of this year were favorable for the Brazilian insurance sector. According to one ranking carried out by Sincor SP (Union of Entrepreneurs and Self-Employed Insurance Brokerage and Distribution Professionals of the State of São Paulo), the 50 largest insurance companies in the country showed gains in the first half of 2023. During this period, net profit was R$14 billion, almost double the R$7.4 billion that was recorded between January and June last year.

According to the survey, the amount received by insurance companies as a result of insurance sales and pension and capitalization contributions was R$181 billion, a growth of 7%. In the space analyzed, the total amount paid in compensation, in turn, was R$113.64 billion, 2.42% more than what occurred in the first half of 2022.

Jorge Serdan, insurance broker responsible for Consult Warranty, explains that Brazil has been going through important changes in the insurance market, such as mergers of insurance companies, entry of companies into the sector and the opening of new products. For him, Brazilians have increasingly adopted the habit of taking advantage of insurance. “O guarantee insurancelife, residence and civil responsabilityfor example, have become increasingly sought after.”

As a result, there are 84 business groups operating in the risk product insurance segment in the country, according to the ranking published by Sincor SP.

Increased adherence to civil liability insurance

Serdan highlights that awareness of consumer and citizen rights has increased among the population, and with this, the search for rights and compensation for damages through the Judiciary has grown. “As a result of this phenomenon, professionals and businesspeople are seeking to protect their assets from possible requests for compensation due to lawsuits received,” she adds.

According to the insurance broker responsible for Consult Garantia, Civil Liability insurance comes into play precisely in this context, to protect the professional or business owner from legal actions they may receive due to operational or professional failures that cause damage to third parties.

Serdan highlights that building an asset or an image takes time and demands work, while, on the other hand, losing a reputation can happen quickly, without those involved even being aware of what happened.

“Protect these items [patrimônio e imagem] It is important for the financial and professional survival of individuals and legal entities”, he notes. “Insurance has a social importance in the market, since, for an annual cost, it is possible to protect an entire life, whether past or to come”, he adds.

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