Concentração nos mercados brasileiros de seguros, previdência e capitalização

(1)

Fundação Getulio Vargas

–

Escola de Pós-Graduação em Economia

Concentração nos Mercados Brasileiros de Seguros, Previdência e

Capitalização

Dissertação de mestrado submetida à Escola de Pós-Graduação em Economia da Fundação Getulio Vargas como requisito parcial para obtenção do título de Mestre em Economia

Aluno: Rodolfo Arashiro Rodriguez

Orientador: Luis Henrique B. Braido

(2)

Fundação Getulio Vargas

–

Escola de Pós-Graduação em Economia

Concentração nos Mercados Brasileiros de Seguros, Previdência e

Capitalização

Dissertação de mestrado submetida à Escola de Pós-Graduação em Economia da Fundação Getulio Vargas como requisito parcial para obtenção do título de Mestre em Economia

Aluno: Rodolfo Arashiro Rodriguez

Orientador: Luis Henrique B. Braido

Banca Examinadora:

Luis Henrique Bertolino Braido (EPGE

–

FGV)

Caio Ibsen Rodrigues de Almeida (EPGE

–

FGV)

Cibele Noronha Behrens Assunção (IRB)

(3)

Resumo

Os mercados de seguros regulados pela SUSEP apresentaram queda no número de empresas e elevação no índice de concentração de Herfindahl Hirschman. O que parece um quadro preocupante no âmbito da regulação é atenuado pela diminuição do índice de Gini e outros testes de poder de mercado que não indicam que esta queda no número de empresas tenha tido impacto sobre o nível de preços.

Assim como esperado a partir da evidência internacional, a concentração é maior nos mercados de seguros de vida do que nos não-vida. Este fato tem reflexo nos preços, que apresentam patamares mais altos nos seguros de vida, indicando diferença mais substancial entre mercados.

(4)

Abstract

Insurance markets under supervision of SUSEP have shown decrease in number of companies and increase in Herfindahl Hirschman Index. This potential issue is undermined by Gini Index and other market Power tests that indicate that prices were not affected accordingly.

International experience shows concentration to be higher in life insurance than non life insurance. This fact has impact in prices, which are higher in life insurance market, and indicates relevant differences between life and non life insurance markets.

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