The insurance, social security and capitalization sector grows 15% from January to July, says Susep

The sector's gross premiums collected in the period totaled R$257.63 billion, an increase of R$34.2 billion compared to the same period in 2021

The insurance, social security and capitalization sector grew 15% in the first seven months of 2022, according to data released on Tuesday (23) by the Superintendence of Private Insurance (Susep). Gross premiums collected in the period totaled R$257.63 billion, an increase of R$34.2 billion compared to the same period in 2021, when the result was R$223.43 billion.

The highlights were the segments of rural insurance, which grew 40.8%, health insurance (23.9%), capitalization (22.4%) and personal insurance (18.1%).

"The insurance sector remains resilient and has shown strength in the face of the challenging economic scenario. The growth in premiums demonstrates the relevance of insurance as a risk management tool and its importance in protecting individuals and companies," said Susep Superintendent Solange Vieira.

Rural insurance leads growth

Rural insurance was the highlight of the period, with a 40.8% growth in gross premiums collected. The segment totaled R$17.1 billion in the first seven months of 2022, compared to R$12.1 billion in the same period of the previous year.

According to Susep, the growth in rural insurance is due to the increase in agricultural production and the greater awareness of producers about the importance of protecting their crops and livestock.

Health insurance also shows strong growth

Health insurance also showed strong growth, with a 23.9% increase in gross premiums collected. The segment totaled R$101.5 billion in the first seven months of 2022, compared to R$81.9 billion in the same period of 2021.

The growth in health insurance is due to the aging population, the increase in chronic diseases and the greater awareness of the importance of health care.

Capitalization and personal insurance also grow

Capitalization and personal insurance also presented significant growth in the first seven months of 2022. Capitalization grew 22.4%, totaling R$22.7 billion in collected premiums, compared to R$18.5 billion in the same period of 2021.

Personal insurance grew 18.1%, totaling R$32.1 billion in collected premiums, compared to R$27.2 billion in the same period of the previous year.

The growth in capitalization and personal insurance is due to the greater awareness of individuals about the importance of financial planning and risk protection.