Brazil is expected to see robust growth over the next four years in the health insurance sector, says a new report from UK-based research firm BRICdata.
The Brazilian health insurance category rose from BRL9.8bn ($5.47bn) in 2007 to BRL15.1bn ($8.43bn) in 2011, recording a CAGR of 11.27%.
There was an increase from BRL69.14m ($38.62m) to BRL88.42m ($49.39m) in the number of new policies sold in the Brazilian health insurance category during 2007-2011, the review period.
During this period, the penetration of Brazilian health insurance products rose from 0.34% in 2007 to 0.54% in 2011, as many new policies were sold across the country.
Over the forecast period (2012-2016), the health insurance industry in Brazil is expected to record a CAGR of 6.32% to reach a projected value of BRL16.2bn (9.05bn) in 2016.
The number of new policies sold in the Brazilian health insurance category is expected to increase from BRL95.66m ($53.44m) in 2012 to BRL116.34m ($64.99) in 2016.