Brazil’s personal accident and health insurance market is expected to grow in 2015 after recording the third-largest share in terms of total retained premiums of the Brazilian insurance industry in 2010, according to the BRICdata report.

As per the report, the factors of this growth will be increased penetration of health insurance products, rising disposable income and enhanced awareness for health insurance need in the country.

The other key driver of growth is the increasing number of companies that offer health insurance as an employee benefit in the country. Group health insurance policies are also expected to increase their market share in 2015.

The market is currently dominated by eight domestic Brazilian public health insurance companies, which account for a 69% share of total retained premiums in 2010.

The market is also expected to experience strategic alliances with smaller private personal accident and health insurance companies seeking to enter into partnership with foreign companies due to capital constraints as well as to enhance competitiveness.

Several regulations for better disclosure norms, pricing of health insurance policies and increasing accountability of health insurance providers have been introduced by the country’s health insurance regulatory authority, ANS.

The full report ‘Personal Accident and Health Insurance in Brazil, Key Trends and Opportunities to 2015’ is available from BRICdata. Click here for more details.