Brazil insurance market sees rising transaction values despite lower M&A volume

The Brazilian insurance market generated R$ 764.5 billion in 2025, according to data from the National Confederation of Insurers (CNseg). This figure includes insurance premiums, pension contributions, capitalization, and health services.

Despite the sector's scale, mergers and acquisitions (M&A) have slowed in 2026. A study by Acorn Advisory shows that the number of transactions dropped to 16 by October 8, compared to 45 in 2025. This decline is attributed to high interest rates (Selic) and electoral uncertainty, which led investors to delay decisions.

However, the average deal size has increased significantly. The median transaction value rose to R$ 125 million in 2026, up from R$ 71 million the previous year. This shift indicates a trend toward selectivity, with larger deals often focused on acquiring licenses, such as PicPay’s R$ 657.6 million acquisition of Kovr.