INCLUSIVE INSURANCE: A NECESSITY

Today's article from Valor Econômico ( https://valor.globo.com/financas/noticia/2023/09/15/setor-de-seguros-na-al-eo-que-mais-cresce-no-mundo-diz -mckinsey.ghtml ) shows that the consulting company McKinsey & Company prepared a study showing that the insurance market in Latin America is, in percentage terms, the fastest growing in the world.
The North American consultancy states that the security market in the region represents an opportunity for companies, both global and local, and diagnoses why this is so: the Latin American market is highly profitable compared to the global average. The financial indicator ROE (acronym in English for Return on Equity, which is calculated using the formula “Net Profit ÷ Net Equity x 100”) in Latin America was 22% in 2019 and 17% in 2022, much higher than the global averages , 10% and 9%, respectively.
Furthermore, as there is a direct correlation between the growth of GDP per capita and a greater capillarity of security products, being a region that is trying to overcome economic underdevelopment, the study predicts that there is still a lot of room for greater and more comprehensive penetration of the most varied types of safe.
The article only reinforced our conviction that, to boost the insurance industry in our country, it is essential that we think and discuss not only which products aimed at the portion of the population that are not (yet) insurance consumers can be developed, but also the need urgent financial education focused on the insurance sector.
This is an absolutely necessary discussion! It reassures us to know that the Superintendent of SUSEP - Private Insurance Superintendency , Alessandro Octaviani, is aware of this reality. He has already said in interviews and meetings with the sector that insurance is an important mechanism for overcoming underdevelopment, and that offering good products to the poorest part of the population is essential in this process.