Brazil insurance market shifts toward business protection and new legal frameworks

The Brazilian insurance market is experiencing a shift in focus toward business protection and legal modernization, despite a cultural tendency to view insurance as a mere expense rather than a strategic tool for asset preservation.

Recent discussions hosted by the OAB/ES, sponsored by Novo Seguros, highlighted the impact of Law No. 15.040/2024, which established a new framework for insurance contracts in Brazil. The sector currently represents 6% of the national GDP and holds R$ 2.7 trillion in financial assets, yet coverage remains low, with only 17% of households having residential insurance and 27.8% of the national fleet being insured.

In the corporate sector, Tokio Marine reported approximately 22% growth in business insurance by the end of 2025, outperforming the broader market. This growth is driven by more flexible products and a move away from traditional coverage like fire and theft toward specialized solutions for diverse business risks.