Maritima bets on renters' insurance

Brazilian insurer Maritima Seguros expects its apartment building insurance portfolio to grow 30% in 2004, by adding a feature that protects renters' assets such as furniture, the company's property and casualty, marine and reinsurance director Claudio Saba told BNamericas. Renters' assets are not included in apartment building insurance in Brazil, making Maritima's product unique, Saba said, adding that Brazilian apartment renters are unaware that residential building insurance covers only goods common to all renters such as hallway lights and stairways, and not individual assets. Maritima will sell the new insurance through its 12,000 insurance brokers, who will negotiate the maximum sum of money to be insured for each building, on a case-by-case basis. Renters' property insurance will cost 0.01% annual on the payout limit determined by the broker and the building manager. The 30% boost would fatten Maritima's apartment building property portfolio by 6,000 buildings, reaching 26,000 total, compared to 20,000 today. In 2002 Maritima posted 730mn reais (US$255mn) in total revenues, of which 4.62% or 33.7mn reais corresponded to apartment building insurance. The insurer operates in Brazil's most prosperous southeast and south states: Minas Gerais, Rio de Janeiro, Espirito Santo, Sao Paulo, Parana, Santa Catarina and Rio Grande do Sul.