Latin American microinsurance industry moving towards broader product offering
Business News America, 13 September 2010
The Latin American microinsurance industry is moving towards a broader product offering that will include new products and also more complex products that better fit the needs of the low-income population, said Michael McCord, president of The MicroInsurance Center and member of the Microinsurance Network, in an interview with BNamericas.
The product offering of the region's microinsurance industry is today dominated by credit life, said McCord, adding that burial insurance also has a very strong presence in some countries, like Colombia, due to cultural factors.
McCord said he sees microinsurance providers in Latin America beginning to develop and offer a wider range of life policies as well as more property and health insurance products to the low-income population. Today there is very little property and health insurance penetration in the regional microinsurance market, he noted.
In terms of growth potential, McCord said Brazil, Mexico, Peru and Colombia are the markets in Latin America that will see the strongest growth in microinsurance during the coming years due to the sheer size of their populations. "A lot of the innovation will be guided by these countries."
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