SUSEP publishes monthly summary with data from the insurance market in October
According to the publication, comprehensive residential insurance grew by 3.6% year-to-date compared to the same period in 2019
Susep (Superintendence of Private Insurance) released the Monthly Summary of the main data related to the performance of the insurance sector until October 2020. The information was obtained from the information sent by the supervised companies. The document is updated according to the submission by the companies, and there may be adjustments due to recharges of the Periodic Information Form (FIP). In the October 2020 edition, the main highlights were:
1) After growth in the last few months, the sector experienced a decline in revenue generation in the year through October, being 1.1% below the same period in 2019. This result was mainly driven by the reduction in VGBL funding. , which saw a fall of 18.6% in relation to September of that year and 23.4% in relation to October 2019. Even in this scenario, most branches already show positive real growth in the accumulated result for the year.
2) Damage insurance increased by 2.2% year-to-date. Excluding the auto segment, growth in the other segments accumulated 7.5% in 2020, which represents a real increase, discounting the IPCA, of 4.33%.
3) Rent surety insurance grew by 72.3% in the year, with real growth of 67.2%. Compared to the same month of 2019, nominal growth was 110%.
4) Comprehensive residential insurance grew by 3.6% in the year, compared to the same period in 2019, which represents a positive real growth of 0.6%.
5) Life and credit life insurance also observed a growth in the accumulated of 2020 in relation to 2019. Life insurance grew 10.5% in the period, while the credit life grew 5.2%.
The publication is available at the link.