§ 02 · instrument · structure
Market structure concentration by line.
CR4 (share of the four largest economic groups) and HHI (Herfindahl-Hirschman) calculated by line, aggregated by economic group rather than by CNPJ. The economic-group choice avoids overstating concentration when three of the four largest insurers belong to the same conglomerate.
CR4 by line · 2024
The chart below shows CR4 (percentage of earned premium concentrated in the four largest economic groups) for the ten lines with greatest premium in 2024. Lines above 70% indicate high concentration and warrant additional regulatory attention. The dashed line at 50% serves as moderate-concentration reference.
carregando dados SUSEP…
How to read
High CR4 is not necessarily problematic. In small lines or new segments, having few players is natural. The signal arises when a line with large aggregated premium shows elevated CR4, given that regulatory and actuarial impact is proportional to the volume handled. I should note that CR4 alone doesn't capture entry-exit dynamics, which is why it is worth following the time series jointly.
HHI · complementary index
HHI (sum of squared market shares, 0-10000 scale) is less intuitive but more sensitive to the entire distribution, not just the top four. Values above 1500 indicate moderate concentration; above 2500, high. The HHI is available in the tooltip of each bar, and the CR4-vs-HHI comparison helps identify lines where concentration is unevenly distributed across groups.
Methods
Economic group (cogrupo) is the canonical aggregation unit in Panorama SUSEP. Each cogrupo bundles CNPJs belonging to the same financial conglomerate, avoiding double-counting in concentration analyses. The definition follows the official SUSEP registry, with cogrupo aux (coenti) fallback when the canonical cogrupo is unavailable for the period. Full detail in methodology →