Is Brazil adopting Usage-based Insurance | Traxroot
Updated: Jan 18, 2021
As of 1 January 2019, the population of Brazil was estimated to be 214,599,613 people according to countrymeters.info. With future projections for growth in connected cars, population, and new vehicles on the road suggest a potential exists for UBI adoption to expand exponentially in Brazil.
As mentioned on countryeconomy.com, the breakdown of car sales figures for the month of September is:
Commercial vehicles sold: 47,030, 16.28% more than in September of 2018.Passenger cars regitrations: 187,818, which represents a figure of 8.63% more than in September of 2018.
Brazil is among the ten countries where the greatest number of cars have been registered in the last year, in ranking of 135 countries based on number of vehicle registrations.
A very useful variable for estimating the level of economic wealth enjoyed by Brazilians residents, when compared to the other countries in the ranking, is the number of vehicles sold or registered per thousand residents in the last year. With annual sales of 13.13 cars per 1,000 residents, 1.12 of them in the last month, Brazil, occupies 49th place in the ranking.
According to theicct.org Brazil has been one of the world’s top five vehicle markets for six consecutive years, and accounts for over half of all vehicles sold in Latin America. The Brazil Passenger Vehicle Market Statistics report provides detailed information about vehicle characteristics, technology adoption, and energy consumption for passenger vehicles – automobiles, sport utility vehicles (SUVs), pick-up trucks and minivans – sold in Brazil in 2013.
Some of the global vendors providing automotive telematics solutions for the automotive embedded telematics market are Omnitracs, Telogis, Trimble Navigation, TomTom Telematics, Traxroot Telematics, and Mix Telematics. The global automakers are investing in their research & development labs to support new product developments driven by the product innovations.
Know more about the Benefits of automated FNOL and accident reconstruction.
According to Scielo analytics, The Brazilian insurance market is one of the most important in the economy, not only because it provides protection against adverse events that can reduce personal or company wealth, but also because it moves large quantities of financial resources within the property incomes reported in the Integrated Economic Accounts. In 2016, the returns on investments allocated to insurance policy holders alone were $ 10.23 billion. The structure of the Brazilian insurance market is extremely important for understanding the behavior of the firms that make up it, as well as for understanding its contribution to the country's economic activity.
This article also sought to analyze the behavior of the demand for automobile insurance considering the influence of three variables: the premium (or price of insurance), the consumer's income, and the company's profitability. For this, we used data from all the Brazilian states and the Federal District provided by Susep. In a wide range of insurance sectors, partnerships have also emerged among companies in the segment, which has helped insurers to reach a larger number of clients than obtained by any traditional insurance network, regardless of its size or capillarity. However, even with these factors and with the high regulation of insurers, the other insurance lines may have different and even antagonistic structures from the one presented here. which has helped insurers to reach a larger number of clients than obtained by any traditional insurance network, regardless of its size or capillarity. However, even with these factors and with the high regulation of insurers, the other insurance lines may have different and even antagonistic structures from the one presented here. which has helped insurers to reach a larger number of clients than obtained by any traditional insurance network, regardless of its size or capillarity.