Insurance in Brazil Regulatory Changes Analysis¶
Potential Regulatory Changes¶
The Brazilian insurance industry operates within a dynamic regulatory environment overseen by the Superintendência de Seguros Privados (SUSEP). [Value Chain Analysis] Several potential regulatory changes and ongoing regulatory developments are poised to impact the value chain in the coming years.
A significant forthcoming change is the new Brazilian Insurance Act (Law No. 15.040/2024), which is scheduled to take effect in December 2025. This new law is expected to introduce alterations that will specifically impact insurance and reinsurance contracts. [Insurance in Brazil Porter's Six Forces Analysis] The law also includes clarifications regarding reinsurance matters, which are crucial for insurers' risk management strategies. [Insurance in Brazil Porter's Six Forces Analysis] Furthermore, a stated aim of this new law is to balance the legal and economic relationship between insurers and policyholders. [Insurance in Brazil Porter's Six Forces Analysis]
SUSEP's regulatory plan for 2025 indicates further regulatory activity. This plan includes the continued regulation of the new Insurance Act. Additionally, it specifically mentions the regulation of sustainable products, suggesting a push towards integrating environmental, social, and governance (ESG) factors into insurance offerings and operations. [Insurance in Brazil Porter's Six Forces Analysis] The plan also includes developments related to Open Insurance, an initiative aimed at increasing data sharing and competition within the financial services sector, including insurance. [Insurance in Brazil Porter's Six Forces Analysis]
Another regulatory development is Complementary Law No. 213/2025, which legalizes the operations of mutual societies and provides regulation for insurance cooperatives. [Insurance in Brazil Porter's Six Forces Analysis] This law formalizes alternative risk coverage models, potentially impacting the competitive landscape and distribution channels.
The ongoing need to adhere to evolving regulations concerning solvency, market conduct, data privacy (such as LGPD), product approvals, and reporting requirements also necessitates continuous attention and can require rapid adjustments in operations and strategy across the value chain. [Value Chain Analysis]
Potential Impact of the Changes¶
The identified regulatory changes and ongoing developments are expected to have various impacts across the different stages of the insurance value chain in Brazil:
- Product Development & Underwriting: The new Brazilian Insurance Act will necessitate revisions to existing insurance and reinsurance contracts and influence the design of new products to align with the updated legal framework. [Insurance in Brazil Porter's Six Forces Analysis] SUSEP's focus on regulating sustainable products will likely drive the development of new insurance offerings related to climate risks, green initiatives, or other sustainability-linked areas. [Insurance in Brazil Porter's Six Forces Analysis] The regulatory sandbox initiated by SUSEP also provides a space for new entrants and existing players to experiment with innovative products under relaxed regulations, potentially leading to new types of coverage or product structures. [Insurance in Brazil Porter's Six Forces Analysis] Actuarial analysis and pricing strategies will need to incorporate these new legal and product requirements. [Value Chain Analysis]
- Marketing & Distribution: The emphasis in the new Insurance Contract Law on balancing the insurer-policyholder relationship may lead to regulatory requirements for greater transparency in product information and sales processes, impacting how products are marketed and sold across all distribution channels (brokers, bancassurance, digital platforms). [Insurance in Brazil Porter's Six Forces Analysis] Open Insurance, as part of the 2025 regulatory plan, is expected to facilitate data sharing, which could enable new distribution models, comparison tools, and personalized product offerings, potentially increasing competition and altering the roles of intermediaries. [Insurance in Brazil Porter's Six Forces Analysis] Complementary Law No. 213/2025 legitimizing mutual societies and regulating cooperatives introduces alternative distribution channels and business models for risk coverage, potentially taking market share from traditional insurers, particularly in specific niches or communities. [Insurance in Brazil Porter's Six Forces Analysis]
- Policy Administration & Customer Service: The new Insurance Contract Law's focus on the policyholder relationship is likely to influence regulatory expectations for policy administration and customer service standards, requiring smoother processes, clearer communication, and potentially new mechanisms for handling policyholder inquiries and complaints. [Insurance in Brazil Porter's Six Forces Analysis] Compliance with data privacy regulations (like LGPD) remains critical for managing policyholder information. [Value Chain Analysis] Open Insurance will require insurers to develop secure and standardized ways to share policyholder data with authorized third parties, impacting IT systems and data management practices. [Insurance in Brazil Porter's Six Forces Analysis]
- Claims Management: As the "moment of truth" for policyholders, the claims process will be directly impacted by the new Insurance Contract Law's provisions affecting insurance contracts and its aim to balance the insurer-policyholder relationship. [Value Chain Analysis, Insurance in Brazil Porter's Six Forces Analysis] This could lead to regulatory clarifications or changes in claims handling procedures, timelines, and communication requirements to ensure fair and transparent resolution of claims. [Insurance in Brazil Porter's Six Forces Analysis] The clarification of reinsurance matters in the new law is also relevant for the claims stage, particularly for large or complex claims that trigger reinsurance coverage. [Insurance in Brazil Porter's Six Forces Analysis]
- Investment Management: While the text does not detail specific upcoming investment management regulations beyond SUSEP's general oversight of eligible investments and diversification, the solvency requirements mandated by SUSEP remain a crucial regulatory factor influencing investment strategies and the need for prudent management of reserves and capital. [Value Chain Analysis] Changes in overall economic policy or specific financial market regulations could also indirectly impact insurers' investment activities.
Table of Potential Impact of Regulatory Changes¶
| Regulatory Change | Potential Impact on Value Chain Stage |
|---|---|
| New Brazilian Insurance Act (Law 15.040/2024, effective Dec 2025) | Product Development & Underwriting: Requires changes to contract terms, influences product design. [Insurance in Brazil Porter's Six Forces Analysis] Claims Management: Impacts claims handling based on new contract provisions and policyholder relationship balance. [Insurance in Brazil Porter's Forces Analysis] Marketing & Distribution: May require greater transparency in sales processes based on policyholder relationship focus. [Insurance in Brazil Porter's Six Forces Analysis] |
| Regulation of New Insurance Act (2025 Regulatory Plan) | All Stages: Further refinement and implementation details of the new law will impact operations across the value chain. [Insurance in Brazil Porter's Six Forces Analysis] |
| Regulation of Sustainable Products (2025 Regulatory Plan) | Product Development & Underwriting: Drives creation of new sustainability-linked products. [Insurance in Brazil Porter's Six Forces Analysis] |
| Open Insurance (2025 Regulatory Plan) | Marketing & Distribution: Enables new digital distribution models, comparison tools, and personalized offerings. [Insurance in Brazil Porter's Six Forces Forces Analysis] Policy Administration & Customer Service: Requires changes in data management and sharing for policyholders. [Insurance in Brazil Porter's Six Forces Analysis] All Stages: Potential for increased data flow and integration. |
| Complementary Law No. 213/2025 (Mutual Societies & Cooperatives) | Marketing & Distribution: Introduces alternative distribution channels and competitive models. [Insurance in Brazil Porter's Six Forces Analysis] |
| Ongoing Regulatory Compliance (Solvency, Data Privacy, etc.) | All Stages: Requires continuous monitoring, adaptation of processes, and investment in systems and expertise. [Value Chain Analysis] |
| Regulatory Sandbox (SUSEP) | Product Development & Underwriting: Facilitates innovation and testing of new products. [Insurance in Brazil Porter's Six Forces Analysis] Marketing & Distribution: Allows experimentation with new digital and business models. [Insurance in Brazil Porter's Six Forces Analysis] |
References¶
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Allianz: crescimento de dois dígitos em vendas de seguros e melhor rentabilidade: https://sonhoseguro.com.br/2024/12/allianz-crescimento-de-dois-digitos-em-vendas-de-seguros-e-melhor-rentabilidade/ Revista Segurador Brasil - Tokio Marine cresce 12,8% no Centro-Oeste e ultrapassa R$ 800 milhões em faturamento: https://revistaseguradorbrasil.com.br/2025/04/02/tokio-marine-cresce-128-no-centro-oeste-e-ultrapassa-r-800-milhoes-em-faturamento/ Fator Brasil - Grupo Bradesco Seguros atinge lucro R$ 9,1 bilhões em 2024: https://fatorbrasil.com.br/2025/02/08/grupo-bradesco-seguros-atinge-lucro-r-91-bilhoes-em-2024/ SindsegSP - Faturamento do grupo Bradesco Seguros cresce 11,8%, para R$ 28 bi, no 1o. tri de 2024: https://sindsegsp.org.br/comunicacao/noticias/faturamento-do-grupo-bradesco-seguros-cresce-11-8-para-r-28-bi-no-1o-tri-de-2024/ E-Investidor - BB Seguridade (BBSE3): empresa de capitalização fatura R$ 3,1 bilhões no primeiro semestre: https://einvestidor.estadao.com.br/financas/bb-seguridade-bbse3-brasilcap-faturamento-primeiro-semestre/ Revista Apólice - Tokio Marine cresce 10,6% em 2024 e repete lucro superior a R$ 1 bilhão: https://revistaapolice.com.br/2025/02/tokio-marine-cresce-106-em-2024-e-repete-lucro-superior-a-r-1-bilhao/ Monitor Mercantil - Mapfre lucra de 255 milhões de euros no Brasil: https://monitormercantil.com.br/mapfre-lucra-de-255-milhoes-de-euros-no-brasil/ CQCS - MAPFRE registra crescimento do lucro em 9,5% em 2024: https://cqcs.com.br/noticia/mapfre-registra-crescimento-do-lucro-em-95-em-2024/ Portal do Agronegócio - MAPFRE Registra Lucro de 255 Milhões de Euros no Brasil em 2024: https://www.portaldogronegocio.com.br/noticias/mapfre-registra-lucro-de-255-milhoes-de-euros-no-brasil-em-2024-26017 Revista Seguro Total - Tokio Marine Seguradora lucra R$ 1,4 bilhão em 2024: https://www.revistasegurototal.com.br/tokio-marine-seguradora-lucra-r-14-bilhao-em-2024/ Sonho Seguro - Tokio Marine celebra resultado de 2024 e mantém otimismo para 2025: https://sonhoseguro.com.br/2024/09/tokio-marine-celebra-resultado-de-2024-e-mantem-otimismo-para-2025/ Sonho Seguro - Porto registra lucro líquido de R$ 2,7 bilhões em 2024, alta de 18% no ano: https://sonhoseguro.com.br/2025/02/porto-registra-lucro-liquido-de-r-27-bilhoes-e-cresce-18-em-2024/ Segs - Sincor-SP divulga o Ranking das Seguradoras 2024: https://www.segs.com.br/demais/376066-sincor-sp-divulga-o-ranking-das-seguradoras-2024 SINDSEGRS - Allianz Seguros mira crescimento e diversificação para 2024 e 2025: https://www.sindsegrs.com.br/pt/allianz-seguros-mira-crescimento-e-diversificacao-para-2024-e-2025/ Sincor-SP - Sincor-SP divulga Ranking das Seguradoras 2024 para a imprensa especializada: https://www.sincor.org.br/noticias/sincor-sp-divulga-ranking-das-seguradoras-2024-para-a-imprensa-especializada/ E-Investidor - BB Seguridade (BBSE3) tem lucro líquido ajustado de R$ 2,17 bi no 4T24, alta anual de 5,8%: https://einvestidor.estadao.com.br/financas/bb-seguridade-bbse3-lucro-4t24/ Agência de Notícias Caixa - CAIXA Seguridade tem lucro de R$ 3,76 bilhões em 2024: https://agenciadenoticias.caixa.gov.br/caixa-seguridade-tem-lucro-de-r-3-76-bilhoes-em-2024/ SindsegSP - Resultado do Itaú com seguros avança 13,8% em 2024, para R$ 9,75 bi: https://sindsegsp.org.br/comunicacao/noticias/resultado-do-itau-com-seguros-avanca-13-8-para-r-9-75-bi-em-2024/ Porto Seguro - Porto registra lucro líquido de R$ 739,1 milhões e cresce 32,3% no terceiro trimestre de 2024: https://www.portoseguro.com.br/porto-historico/sobre-a-porto/imprensa/release?groupId=112401&articleId=25430907&redirect=true Agência de Notícias Caixa - CAIXA Seguridade tem lucro líquido de R$ 1 bilhão no 3ºT24: https://agenciadenoticias.caixa.gov.br/caixa-seguridade-tem-lucro-líquido-de-r-1-bilhão-no-3t24/ E-Investidor - Caixa Seguridade (CXSE3) tem lucro recorrente de R$ 770 milhões, queda anual de 6,4%: https://einvestidor.estadao.com.br/financas/caixa-seguridade-cxse3-lucro-2t24/ E-Investidor - Lucro da Caixa Seguridade pode chegar a R$ 1 bi no 4T. O que isso significa para o preço-alvo e dividendos?: https://einvestidor.estadao.com.br/financas/caixa-seguridade-cxse3-lucro-4t24-balanco/ CQCS - Grupo Porto cresce 18% em 2024 e amplia atuação em todas as unidades de negócios: https://cqcs.com.br/noticia/grupo-porto-cresce-18-em-2024-e-amplia-atuacao-em-todas-as-unidades-de-negocios/ Editora Roncarati - Lucro líquido da MAPFRE no Brasil atinge 61 milhões de euros no primeiro trimestre de 2024: https://editoraroncarati.com.br/noticias/lucro-liquido-da-mapfre-no-brasil-atinge-61-milhoes-de-euros-no-primeiro-trimestre-de-2024/ E-Investidor - BB Seguridade (BBSE3) tem lucro ajustado de R$ 1,87 bi no 2º trimestre, alta de 1,6%: https://einvestidor.estadao.com.br/financas/bb-seguridade-bbse3-lucro-2t24/ JRS PORTAL - Porto registra lucro líquido de R$ 2,7 bilhões e cresce 18% em 2024: https://www.jrs.com.br/2025/02/14/porto-registra-lucro-liquido-de-r-27-bilhoes-e-cresce-18-em-2024/ Universo do Seguro - Porto amplia receitas em 13,6% e registra lucro líquido de R$ 584,0 milhões no segundo trimestre de 2024: https://universodoseguro.com/pt/porto-amplia-receitas-em-136-e-registra-lucro-liquido-de-r-5840-milhoes-no-segundo-trimestre-de-2024/ SindsegSP - Allianz registra lucro líquido de €9,9 bilhões em 2024, alta de 16,3%: https://sindsegsp.org.br/comunicacao/noticias/allianz-registra-lucro-liquido-de-%e2%82%ac9-9-bilhoes-em-2024-alta-de-16-3/ Saiba Já News - BB Seguridade alcança lucro líquido de R$ 8,7 BI em 2024: https://saibajanews.com.br/bb-seguridade-alcanca-lucro-liquido-de-r-87-bi-em-2024/ Imprensa BB - BB tem lucro líquido ajustado de R$ 37,9 bilhões em 2024: https://imprensa.bb.com.br/pressrelease/bb-tem-lucro-liquido-ajustado-de-r-379-bilhoes-em-2024/ Sonho Seguro - Resultado com seguros no Itaú avança para R$ 2,2 bilhões no trimestre: https://sonhoseguro.com.br/2024/05/resultado-com-seguros-no-itau-avanca-para-r-2-2-bilhoes-no-trimestre/ Panrotas - Ranking: as maiores seguradoras do Brasil no segmento de Turismo: https://www.panrotas.com.br/seguro/seguros/2024/08/ranking-as-maiores-seguradoras-do-brasil-no-segmento-de-turismo_203790.html Susep - Painel de Inteligência do Mercado de Seguros: https://www.susep.gov.br/menu/panorama-do-mercado/painel-de-inteligencia-do-mercado-de-seguros Itaú - Demonstrações contábeis Itaú Seguros S.A.: https://www.itau.com.br/content/dam/itau/itausa/pdf/relatorios-combinados/Itausa-ItauSeguros-DF-30062024.pdf Allianz - Lucro operacional da Allianz sobe 6,8% para 4 bilhões de euros: https://www.allianz.com.br/pt/news/release_2024/2024-05-15-allianz-atinge-lucro-operacional-de-4-bilhoes-de-euros-no-1-trimestre.html Money Times - Caixa Seguridade (CXSE3) tem lucro 14,6% maior no 4º trimestre de 2024: https://www.moneytimes.com.br/caixa-seguridade-cxse3-tem-lucro-146-maior-no-4o-trimestre-de-2024/ VEJA - Seguradoras faturaram quase R$ 208 bilhões em 2024, mas lucro líquido caiu: https://veja.abril.com.br/coluna/veja-gente/seguradoras-faturaram-quase-r-208-bilhoes-em-2024-mas-lucro-liquido-caiu Contraf-CUT - Itaú lucra R$ 30,5 bi nos primeiros nove meses de 2024: https://www.contrafcut.org.br/noticias/itau-lucra-r-305-bi-nos-primeiros-nove-meses-de-2024-aa17 E-Investidor - Itaú (ITUB4) lucra R$ 10,88 bi no 4T, alta de 15,8%; vê alta na carteira de crédito: https://einvestidor.estadao.com.br/mercados/itau-itub4-lucro-4t24-balanco/ Revista Apólice - Allianz atinge lucro operacional recorde de 16 bi de euros: https://revistaapolice.com.br/2025/03/allianz-atinge-lucro-operacional-recorde-de-16-bi-de-euros/ SindsegSP - Seguradoras arrecadam R$ 435 bilhões em 2024, avanço de 12,2: https://sindsegsp.org.br/comunicacao/noticias/seguradoras-arrecadam-r-435-bilhoes-em-2024-avanco-de-12-2/