Made available in DSpace on 2015-12-03T18:33:12Z (GMT). No. of bitstreams: 1 Henry_Marcondes_Santos_Lopes.pdf: 1552777 bytes, checksum: 8c2cafcae0b53d4373d90165f6c26d80 (MD5) Previous issue date: 2014-11-04 / 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. / O trabalho analisa o impacto de modifica????es na taxa b??sica de juros da economia brasileira, a SELIC, no resultado das seguradoras atuantes no Brasil no per??odo de dez/2002 a dez/2013. Por meio de regress??es utilizando dados em painel, verificou-se como a rentabilidade de diferentes empresas do ramo de seguros se comportou em decorr??ncia das varia????es ocorridas na taxa de juros. Procura-se assim apontar as pr??ticas com as quais as sociedade seguradoras tentam otimizar os retornos de suas opera????es, inclusive tornando-os menos dependentes dos resultados da conta financeira. No estudo foram utilizados dados cont??beis das seguradoras extra??dos do sistema de estat??sticas da Superintend??ncia de Seguros Privados (SUSEP) e os resultados encontrados evidenciam que varia????es da SELIC tiveram impactos estatisticamente significantes no resultado financeiro e no pr??mio cobrado pelas Seguradoras atuantes no Brasil, sendo que as empresas aparentemente compensaram uma menor rentabilidade da conta financeira com acr??scimos nos pr??mios cobrados, o que pode evidenciar um comportamento oligopolista deste mercado no Brasil.