Brazil remains Latin America’s largest insurance market, with around 40% of the total gross premium written. It is followed by Mexico, Argentina and Colombia. Despite years of steady market growth, especially in life business, insurance penetration is still low. As the country recovers from the current recession, insurers can expect increasing opportunities to fill the penetration gap, for example, with products that address the needs of Brazil’s expanding middle class. In addition, industrial and agricultural solutions offer huge potential. By developing targeted covers, risk carriers can help attract investors and enable important projects. With 74 insurance groups and a total of 114 insurance companies operating in the country, the Brazilian market is highly consolidated. The top 10 largest groups are responsible for 79% of total premiums, excluding accumulation products. Overall insurance premium grew 11% between 2014 and 2015, with accumulation products clearly leading the way, growing by 19.2% (see figure below). Non-life lines are dominated by motor, which accounts for almost 50% of non-life business.