03. November 2011
Approximately 135 million people in developing countries already use microinsurance as a means of managing risk for the poorer social classes, according to a Lloyd’s of London report, and this number is only going to grow. In Brazil, the situation is no different and this line of insurance will play a key role in reducing the vulnerability of the low-income households. This issue will be one of many debated topics during the 7th International Microinsurance Conference, which will place from November 8th to 10th in Rio de Janeiro, Brazil.
The already confirmed participants are as follows: the Mayor of the State of Rio de Janeiro, Sérgio Cabral; the Chairman of Munich Re Foundation, Thomas Loster; the Chair of Microinsurance Network and ILO’s Microinsurance Innovation Facility, Craig Churchill; the Superintendent of Susep (Superintendence of Private Insurance), Luciano Portal Santanna; and the President of CNseg (National Confederation of General Insurance Companies, Social Security and Life, Complementary Health and Capitalization), Jorge Hilário Gouvêa Vieira.
The event will bring together more than 400 delegates and experts from over 50 countries to discuss challenges and opportunities in microinsurance, while also focusing on lessons learnt and emerging issues. Organised by Munich Re Foundation and Microinsurance Network, the 7th International Microinsurance Conference will be supported by the Brazilian Confederation of Insurers (CNseg), the Superintendence of Private Insurance (Susep), GIZ/BMZ and Georgia State University.
Microinsurance in Brazil and worldwide
The Microinsurance Committee of CNseg projects that the current premium percentage of the Gross Domestic Product (GDP) will increase from 3.5% to 7.5% in 2017 with the implementation of microinsurance regulation. The current estimation of microinsurance clients in Brazil is between 23 to 33 million clients according to a study by the Centre for Financial Regulation and Inclusion (Cenfri). The expectation is that over the next 20 years microinsurance in Brazil will touch close to a 100 million clients.
Data from the MicroInsurance Centre, estimates that over the next ten years, the global microinsurance market will reach around one billion new consumers, equivalent to a third of the market potential. Climate change, population growth, urbanisation and a leveraging technological of innovations are determining factors for the expansion of this market.
“Now that we are seeing models that are successful in reaching huge numbers,” said Churchill, “we need to focus more on ensuring that the poor are actually benefiting from the cover."
More information about the 7th International Microinsurance Conference
Download the press release
English (PDF, 376 Ko)
Brazil hosts 7th International Microinsurance Conference
French (PDF, 376 Ko)
Le Brésil accueille la 7ème Conférence Internationale sur la Micro-assurance
