The Brazilian Superintendence of Private Insurance (SUSEP) released the October 2025 edition of its SUSEP Bulletin, summarising key indicators for the supervised insurance, open private pension and capitalization sector through the first ten months of 2025. The stock of technical provisions reached BRL 2.02 trillion in October, equivalent to 16.1% of Brazil’s GDP on a rolling 12-month basis. Technical provisions are the amounts estimated by supervised entities to ensure capacity to meet future obligations to policyholders, participants and beneficiaries, and the bulletin tracks their evolution over time. SUSEP’s superintendent linked the level of provisions to Joint CNSP/CMN Resolution No. 12 of 2024, which allowed the surrender right of certain products, including open private pension plans, survival-coverage life products and traditional capitalization bonds, to be used as collateral in credit operations, with their individualized mathematical reserves forming part of the sector’s technical provisions. From January to October 2025, the supervised sector reported revenues of BRL 346.33 billion, down 4.09% year on year in nominal terms, while claims, surrenders, benefits and prize draws totalled BRL 221.98 billion, up 9.93% nominally; property and casualty and personal insurance (excluding VGBL) collected BRL 184.58 billion, up 7.51%, with motor insurance accounting for 42% of the property and casualty segment and life insurance growing 12.43% nominally and 6.89% in real terms.

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