RISKAFRICA Magazine - - • AVCA -

Brazil’s banks dom­i­nate life sales, says global re­port

Brazil has the high­est bank as­sur­ance share of all the 16 ma­jor global mar­kets cov­ered in a re­port by re­search com­pany Fi­nac­cord. In Brazil, 80.5 per cent of life in­sur­ance is sold through banks, com­pared to 12.5 per cent in the UK, the Ban­cas­sur­ance in Global Mar­kets re­port re­veals.

Based on an in­ves­ti­ga­tion of over 1 300 banks and other lend­ing in­sti­tu­tions in 16 de­vel­oped and emerg­ing economies in the Asi­aPa­cific, Euro­pean and Latin Amer­i­can re­gions, the re­search showed that there were high bank share dis­tri­bu­tions for life in­sur­ance in France, Italy, South Korea and Spain; and for non-life in­sur­ance in Brazil, Chile, In­dia, South Korea and Spain. Coun­tries with the low­est bank dis­trib­uted life in­sur­ance were Chile, In­dia, Ja­pan, the UK and Viet­nam and for non-life in­sur­ance in China, Ger­many, Italy, Ja­pan and Viet­nam.

Growth in the Ban­cas­sur­ance chan­nel is most rapid in emerg­ing economies out­side of Europe, where in­sur­ers are in­creas­ingly mak­ing use of banks’ large cus­tomer bases to mar­ket their poli­cies, the re­port re­veals.

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