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The insurance market in Brazil is one of the most important to the economy because it moves a lot of financial resources within the property incomes that are reported in the Integrated Economic Accounts, in addition to providing protection against adverse events that can reduce personal or company wealth.
The insurance industry in Brazil is characterized as offering a variety of coverage options and personalization options.
The guarantee of protection against a specific event’s risk is known as coverage, and it is categorized and provided in accordance with the type of insurance chosen.
There are six different kinds of insurance for the automobile industry:damage to the vehicle, the full claim, damage to third parties, damage to passengers, civil responsibility, and additional costs.
In the 95 lines that are sold in Brazil, there are hundreds of different kinds of coverage for the entire insurance market.
The Brazil Motor Insurance market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
The insurance and reinsurance industry stood out for its legislative and regulatory innovations that, in addition to granting economic agents greater freedom of action, will also serve as catalysts for business opportunities, despite the negative effects of the COVID-19 pandemic and the difficulties the Brazilian economy faces in resuming growth.
The National Council of Private Insurance (CNSP), the highest competent body to regulate the Brazilian insurance market, issued Resolution, one of these notable innovations.
This resolution, which broke with the long and widely criticized tradition of Brazilian regulatory bodies not being flexible when it came to the approval of insurance policy clauses, resolved, albeit late, to differentiate between damage insurance to cover so-called large risks and mass insurance for consumers in general, giving priority to the autonomy of the insurers and the policyholders/insureds in determining contractual conditions.
As the people who work with insurance in the Brazilian market know, the trade of protection in Brazil was dependent upon earlier enlistment and endorsement of conditions and policies by the Superintendency of Private Protection (SUSEP).
In order to prevent policies from being formatted in a manner that is compatible with the particular characteristics of the covered risks, SUSEP issued strict rules that overly restricted the autonomy of insurers and insureds.
Additionally, these requirements resulted in the standardization of contractual terms, which frequently result in being very similar to those of other insurers on the market, making it challenging for insurers to establish comparative advantages.
