Políticas econômicas e suas consequências : uma análise dos impactos das variações da Selic no resultado das seguradoras no Brasil

Abstract

This paper analyzes the impact of changes in the Brazilian economy s basic interest rate, the Selic, on the result of active insurers in Brazil within dec/2002 and dec/2013. Through panel data regressions, it was observed how the profitability of different companies on the insurance market behaved due to variations in the interest rate. The objective is to point out the practices with which the insurance company try to optimize the returns on their operations, including making them less dependent on the outcome of the financial account. The insurers accounting data used in the paper were extracted from the Superintendence of Private Insurance (SUSEP) statistical system, and the results show that variations in the Selic rate had statistically significant impacts on the financial result and the premium charged by activeinsurance companies in Brazil, and the companies apparently offset lower profitability of the financial account by increasing the premiums charged, which may be an evidence of oligopolistic behavior of this market in Brazil.