This report was commissioned by Funenseg and CNSeg, the Brazilian insurance school and insurance industry association respectively, as an independent assessment of the microinsurance market in Brazil, the drivers of its development and how this development has been shaped by regulation. It proposes a strategy for the further development of the microinsurance market, with specific focus on regulatory strategy and design.

A number of dedicated focus group discussions held in Rio de Janeiro, São Paulo and Fortaleza (for which a separate report is available) were conducted as part of the research, as well as an analysis of available IBGE socio-economic and fi nancial services usage data subcontracted to Rio de Janeiro-based firm IETS. The Brazilian private insurance supervisor, SUSEP, kindly made their database available for dedicated analysis that identified trends in product lines especially relevant to microinsurance.