New player enters Brazil microinsurance market
A new player is entering Brazil's fast-growing microinsurance market after obtaining regulatory approval.
The Sudamerica Vida insurance group was recently authorized by insurance regulator Susep to sell property and personal lines microinsurance products, local insurance publication Revista Apólice reported.
Geographically, the authorization is for Brazil's South region.
The goal is to provide insurance to a large number of people who do not have any kind of protection, Apólice reported Sudamerica Vida president Luciano Fracaro as saying.
Sudamerica Vida's microinsurance subsidiary will have an initial capital of 1.1mn reais (US$284,000).
Microinsurance premiums in Brazil totaled 261mn reais from January-August, up 22.5% year-on-year.
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