Rimac expects microinsurance segment to grow 50% in 2008

Peruvian insurer Rimac Seguros expects the country's microinsurance market to grow 50% next year to US$5mn compared to 2007, local financial daily Gestión reported.
The potential microinsurance market in Peru is from 15mn-18mn people, said José Cordano, Rimac manager for non-traditional distribution channels.

Non-traditional distribution channels like retail stores, small neighborhood shops and drugstores are key for insurers looking to reach Peru's low-income population, Cordano said.

Cordano also said microinsurance sales are being helped by increased bank penetration in Peru as insurers offer newly banked people low-cost policies to protect their plastic.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: December 7, 2007

No comments: