Insurance Fraud

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Insurance Presentation Report Report on: The Development of the Brazilian Insurance Industry Submitted to: Dr. Bogusław Bamber Presentation date: BBA Finance & Accounting Semester 5, Academic year 2013-2014 Jamir Issa de Oliveira 25139 ......................... Vinicius Appolinario 25545 ......................... Executive summary The aim of this report is try to evaluate how the insurance industry has developed in Brazil since it began its operation in 1808, operating in the begging only with maritime insurance through company named Boa Fé. During that time Brazil was still a colony of Portugal and Boa Fé Company had the role to insure ships transporting valuable goods…show more content…
In 2012, that market grossed U.S. $ 252.4 billion in direct premiums of insurance, health insurance, pension contributions and savings bonds. Such awards and contributions served to increase provisions amounting to R$ 420 billion, which represented 5.69 % of GDP. Provisions have also secured the payment of compensation of claims, welfare benefits and redemption of pension plans and capitalization of R $ 135.2 billion in 2012 (3.05% of GDP). The importance of the sector exceeds, by far, the numeric expression. Indeed, everyday life, as we know since the Industrial Revolution, would be impossible without insurance. The companies could not take risks as they do at present, so your investment would be severely restricted and, with them, the future expansion of the economies. Entire markets would collapse: just imagine what would happen with the sale of cars, with the credit market and the trade if there was not the support of insurance. The insurance industry, increasingly supplements the State in providing critical services in health and social security, and in doing so, allows the state to focus attention and resources on meeting the needs of the poorest sectors of the population. Nowadays The Brazilian insurance industry is living it golden ages. Brazil for the past two decades has become one of the most attractive places for insurance
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