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Opportunities in Brazil Insurance Market

Description:    The report on “Opportunities in Brazil Insurance Market” provides extensive research and in-depth
                analysis on the insurance sector in Brazil. It helps clients to analyze the leading-edge opportunities
                critical to the success of the insurance industry in the country. Detailed data and analysis helps
                clients navigate the evolving insurance markets of the region.

                The forecast given in this report is not based on a complex economic model, but is intended as a
                rough guide to the direction in which the market is likely to move. This forecast is based on a
                correlation between past market growth and growth of base drivers.

                Market Analysis

                A large population makes Brazil the biggest potential insurance market in Latin America, ahead of
                Mexico and Argentina, but despite the rapid growth in the past three years (2004-2006), its
                population remains underinsured. There is considerable vertical integration between the insurers
                and the banks. Most of the larger banks, such as Banco Bradesco and Unibanco, offer a full range
                of insurance services. Insurance companies, like financial institutions, invest heavily in government
                securities and have little exposure to the volatile equity market.

                Driven by a strong rise in purchases of life insurance, which is reflecting strengthening real incomes
                and increased confidence in macroeconomic stability, the Brazilian insurance market has been
                expanding rapidly since 2003. Overall, the market remains small, with total premiums accounting
                for just over 2.8% of GDP in 2006.

                Key Findings

                - Brazilian Life and Retirement Savings market, in premium terms, is expected to grow at the
                compounded rate of 18.89% during 2007-2011.
                - Automobile insurance is anticipated to grow at the compounded rate of 14.16% during 2007-
                2011, while Health insurance sector is projected to grow at a CAGR of nearly 13% for the period
                spanning from 2007 to 2011.
                - Homeowner insurance is projected to grow at the CAGR of nearly 14% from 2007 to 2011, mainly
                due to continuous declining interest rates in Brazil.
                - Of the total premium income, general insurance accounted for almost one-half and automobile
                insurance accounted for one-third total premium income in 2005.
                - There are ample opportunities for the IT sector as total spending on this sector by insurance
                sector is projected to grow at the compounded rate of 14.42% during 2007-2011.
                - The liberalization of reinsurance market will lead to rise in FDI.
                - Brazilian insurers prefer mutual funds as investment instrument.
                - “Capitalization” is a unique product with Brazilian insurers which combines savings with the
                National Lottery.
                - Bancassurance is the dominant distribution channel for individual life insurance, retirement
                savings, and capitalization products.

                Key Issues & Facts

                -   What are driving factors for the insurance industry (life and non-life insurance) in Brazil?
                -   How is the growth in retirement savings and automobile insurance driving the insurance sector?
                -   What are the emerging opportunities and challenges for the industry players?
                -   What are the most prospective areas for investments in the insurance sector in near future?
                -   Who are the key players in the Brazilian insurance market?

                Research Methodology Used

                Information Sources
                Information has been sourced from books, newspapers, trade journals, and white papers, industry
                portals, government agencies, trade associations, monitoring industry news and developments, and
            through access to more than 3000 paid databases.

            Analysis Methods
            The analysis methods include ratio analysis, historical trend analysis, linear regression, analysis
            using software tools, judgmental forecasting and cause and effect analysis.



Contents:   1. Analyst View

            2. Global Insurance Industry
            2.1 Overview
            2.2 Top Insurance Countries

            3. Latin America Insurance Industry
            3.1 Overview
            3.2 Brazil in Context of Latin America
            3.3 Top Insurance Countries

            4. Brazil Insurance Industry
            4.1 Overview
            4.2 Total Market Value (Direct Premium)
            4.3 Insurance Market Participation in GDP
            4.4 Top Ten Insurance Companies

            5. Performance
            5.1 General Insurance Market
            5.1.1 Personal Lines
            5.1.1.1 Automobile Insurance
            5.1.1.2 Homeowners’ Insurance
            5.1.2 Commercial Lines
            5.1.2.1 Standard & Specialty Accounts
            5.1.2.2 Large Accounts
            5.1.3 Specialty Lines
            5.2 Life & Retirement Savings Market
            5.2.1 Retirement Savings
            5.3 Capitalization Market
            5.4 Key Products
            5.4.1 VGBL (Vida Gerador de Beneficio Livre)
            5.4.2 PGBL (Plano Gerador de Beneficio Livre)
            5.5 Health Insurance Market

            6. Industry Analysis
            6.1 Drivers
            6.1.1 Tax Advantage
            6.1.2 Bancassurance
            6.1.3 Automobile Insurance
            6.1.4 Rising Affordability
            6.1.5 Rising Crime Rate
            6.1.6 Increasing Population
            6.2 Opportunities
            6.2.1 IT Industry
            6.2.2 Mutual Funds
            6.2.3 Banking Sector
            6.2.4 Pharmaceutical Market
            6.2.5 Reinsurance Market
            6.3 Challenges
            6.3.1 Mutual Funds
            6.3.2 Economic Disparity
            6.3.3 Crime & Insurance Frauds
            6.3.4 Intense Price Competition

            7. Future Outlook (2007-2011)
            7.1 Life & Retirement Savings Market
7.1.1 Retirement Savings
7.2 General Insurance Market
7.2.1 Automobile Insurance
7.2.2 Homeowners’ Insurance
7.3 Health Insurance Market

8. Key Players
8.1 Unibanco Holdings S.A.
8.2 Brasilprev Seguros e Previdência S.A.
8.3 HSBC Seguros (Brasil) S.A.

9. Annexure
9.1 Reinsurance Market
9.2 Government Regulations

List of Tables

Table   2-1:   Global   -   Life & Non-Life Insurance Premium (in Million US$), 2003-2006
Table   2-2:   Global   -   Top Insurance Countries by Premium Written (in Million US$), 2006
Table   2-3:   Global   -   Top Insurance Companies by Revenue (in Million US$), 2006
Table   2-4:   Global   -   Top Property/Casualty Insurance Companies by Revenue (in Million US$), 2006
Table   2-5:   Global   -   Top Life/Health Insurance Companies by Revenue (in Million US$), 2006
Table   2-6:   Global   -   Top Insurance Brokers by Revenue (in Million US$), 2006
Table   2-7:   Global   -   Top Reinsurers by Net Reinsurance Premium Written (in Million US$), 2005 &
2006
Table   3-1:   Latin America - Insurance Premium by Country (in Million US$), 2006
Table   4-1:   Brazil - Top Ten Insurance Companies by Premium (in Million BRL), Jun 2007
Table   5-1:   Brazil - Direct Automobile Insurance Premium by Company (in Million BRL), Jun 2007
Table   5-2:   Brazil - Retirement Savings Premium by Company (in Million BRL), Jun 2007
Table   5-3:   Brazil - Capitalization Premium by Company (in Million BRL), Jun 2007
Table   5-4:   Brazil - VGBL Premium by Company (in Million BRL), Jun 2007
Table   5-5:   Brazil - PGBL Premium by Company (in Million BRL), Jun 2007
Table   6-1:   Brazil - Top Banks Affiliated to Insurance Group & its Share (%), Jun 2006
Table   6-2:   Brazil - Top Banks Affiliated to Capitalization Group & its Share (%), Jun 2006
Table   8-1:   Unibanco Holdings S.A. - Key Financials (in Million BRL), 2005 & 2006
Table   8-2:   Brasilprev Seguros e Previdência S.A. - Key Financials (in Million BRL), 2005 & Jun 2006
Table   8-3:   HSBC Seguros (Brasil) S.A. - Key Financials (in Million BRL), 2005 & 2006


List of Charts

Figure 2-1: Global - Share of Life & Non-Life Insurance Premium (%), 2006
Figure 3-1: Latin America - Share of Brazil by Insurance Premium (%), 2006
Figure 3-2: Latin America - Top Insurance Countries by Premium (in Million US$), 2004-2006
Figure 4-1: Brazil - Types of Companies in the Insurance Market (%), 2005
Figure 4-2: Brazil - Share of Insurance Premium by Line (%), 2005
Figure 4-3: Brazil - Direct Insurance Premium (in Million BRL), 2004-2006 & Jun 2007
Figure 4-4: Brazil - Share of Insurance Market in GDP (%), 1999-2006E
Figure 5-1: Brazil - Share of Foreign & National Capital in Insurance Market (%), 2005
Figure 5-2: Brazil - Direct Insurance Premium (in Million BRL), Jan 2005 to June 2007
Figure 5-3: Brazil - Earned Premium & Retained Loss for Insurance Market (in Million BRL), 2005,
2006 & Jun 2007
Figure 5-4: Brazil - Loss Ratio of Insurance Market (%), 2005, 2006 & Jun 2007
Figure 5-5: Brazil - Direct Automobile Insurance Premium (in Million BRL), Jan 2005 to Jun 2007
Figure 5-6: Brazil - Earned Premium & Retained Loss for Automobile Insurance Market (in Million
BRL), 2005, 2006 & Jun 2007
Figure 5-7: Brazil - Loss Ratio of Automobile Insurance Market (%), 2005, 2006 & Jun 2007
Figure 5-8: Brazil - Direct Homeowners’ Insurance Premium (in Million BRL), 2003-2006E
Figure 5-9: Brazil - Life & Retirement Savings Premium (in Billion BRL), 2002-2006E
Figure 5-10: Brazil - Cumulative Provision of Retirement Savings (in Million BRL), Jan 2005 to Jun
2007
Figure 5-11: Brazil - Retirement Savings Premium (in Million BRL), Jan 2005 to Jun 2007
Figure 5-12: Brazil - Capitalization Premium (in Million BRL), Jan 2005 to Jun 2007
            Figure 5-13: Brazil - VGBL Premium (in Million BRL), Jan 2005 to Jun 2007
            Figure 5-14: Brazil - PGBL Premium (in Million BRL), Jan 2005 to Jun 2007
            Figure 5-15: Brazil - Health Insurance Premium (in Million BRL), 2001-2006
            Figure 6-1: Brazil - Share of PGBL in Retirement Savings (%), Jun 2007
            Figure 6-2: Brazil - Share of Direct Automobile Premium in Insurance Market (%), Jun 2007
            Figure 6-3: Brazil - Disposable Income per Head (in US$), 2002-2008F
            Figure 6-4: Brazil - Middle Class Population (in Million), 2000 & 2005
            Figure 6-5: Brazil - Forecast for Population Growth (in Million), 2007-2011
            Figure 6-6: Brazil - Forecast for Spending on IT Industry by Insurance Sector (in Million US$), 2007
            -2011
            Figure 6-7: Brazil - Forecast for Spending on IT Industry by Life Insurance Sector (in Million US$),
            2007-2011
            Figure 6-8: Brazil - Forecast for Spending on IT Industry by Non-Life Sector (in Million US$), 2007-
            2011
            Figure 6-9: Brazil - Insurance & Retirement Savings Companies Investment Portfolio (%), Jun 2006
            Figure 6-10: Brazil - Investment Portfolio of Capitalization Companies (%), Jun 2006
            Figure 6-11: Brazil - Forecast for Pharmaceutical Market (in Million US$), 2007-2011
            Figure 7-1: Brazil - Forecast for Life & Retirement Savings Premium (in Billion BRL), 2007-2011
            Figure 7-2: Brazil - Forecast for Cumulative Provision of Retirement Savings (in Million BRL), 2007-
            2011
            Figure 7-3: Brazil - Forecast for Commercial Vehicle Registrations (in ‘000), 2007-2011
            Figure 7-4: Brazil - Forecast for Direct Automobile Insurance Premium (in Million BRL), 2007-2011
            Figure 7-5: Brazil - Forecast for Direct Homeowners’ Insurance Premium (in Million BRL), 2007-
            2011
            Figure 7-6: Brazil - Forecast for Health Care Spending per Head (in US$), 2007-2011
            Figure 7-7: Brazil - Forecast for Health Insurance Premium (in Million BRL), 2007-2011



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