In a recently released report, Brazilian insurance regulator SUSEP maintained its projection of approximately 4.9% insurance premium growth in 2009, despite revising downward from 1.5% to -.5% its assumption about GDP growth for the year. 4.9% premium growth in 2009 would result in total premiums in Brazil of approximately US$35.5 billion.
SUSEP also reported that total premiums were 7.9% higher in 1Q09 than 1Q08.
The report’s projections for premium growth in 2010 and 2011 were down only slightly from previous projections, with SUSEP predicting 10.6% growth in 2010 and 10.4% in 2011. Such growth would result in total premiums of approximately US$39 billion in 2010 and US$43B in 2011.