The Microinsurance Landscape in Brazil

This interview with Antonio Cássio dos Santos, CEO of MAPFRE insurance group, provides an overview of the Brazilian microinsurance sector. MAPFRE is one of Brazils largest insurance companies, and one of the first to target low income populations.

Microinsurance has been implemented by a variety of actors in Brazil for around 20 years, Sr. Cássio dos Santos charts the progress of the industry, from the creation of one of the first insurance products for individuals at the bottom of the pyramid PASI, (Immediate Social Assistance Plan), for construction workers. The product is now provided to over 2 million people, who pay monthly premiums of 1 to 2 dollars. The interview highlights the range of products now available for the low income market, including funeral cover, delivered through funeral houses to over 15 million people, agricultural insurance products, and utilities insurance.

Sr. Cássio dos Santos emphasises the great potential role for retailers in the provision of microinsurance. Insurance has been delivered through agricultural and credit cooperatives in rural areas, but he argues, that a range of actors may play this role. Supermarkets, clothes shops, pharmacies, and phone kiosks, all share the benefits of speaking the same language as low income people; as already part of peoples lives they will make excellent channels for delivering microinsurance.
Sr. Cássio dos Santos argues that finding ways to serve the low income market is essential in Brazil, where every year 4 million low income people join the middle classes. Microinsurance offers a way to build loyalty with the middle class of tomorrow.

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