Home » Business » Insurance sales in Brazil grow 4% in January-February

Insurance sales in Brazil grow 4% in January-February

News

Insurance sales in Brazil increased 4% in the first two months of the year, despite the persistent effects of the pandemic on the economy.

In the period the figure totaled 46.47 billion reais (US $ 8.23bn), compared to 44.69bn reais in the first two months of 2020, regulator Susep said.

Personal and damage insurance posted a respective rise of 2.2% and 11.6%, while pension insurance fell 8.7%.

There are two categories of pension plans in Brazil, VGBL and PGBL. However, VGBL is classified as life insurance and belongs to Susep’s personal insurance category.

Brazil’s insurance sector has remained resilient amid the pandemic and the slow vaccination process. Last week, the country registered the highest number of deaths and new infections since the start of the pandemic.

The scenario is leading economists to revise their growth projections for this year downwards after the 4.1% contraction in 2020. The economy is now forecast to expand 3.08% in 2021, below the 3 , 23% expected a month ago, according to the most recent weekly survey of the Central Bank of 100 economists.

– –

To continue reading, subscribe to BNamericas and get all the details about this article and access to other related news and reports.

<button data-toggle="popover" data-trigger="click" data-html="true" data-placement="bottom" data-content=" “class =” btn btn-lg btn__orange-light “> Free Demo

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.