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
12/9/07
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