Local sales channels will boost growth by 50% this year
Zurich will increase microinsurance sales in developing nations of policies covering death, illness and natural disasters by 50% this year, Bloomberg reports.
It is setting up local distribution deals in:
- China
- Mexico
- Bolivia
- Venezuela
- South Africa
- Indonesia
- Jordan
Brandon Mathews, head of Zurich’s microinsurance unit, said: “Policies this year currently cover around 1.5 million microinsurance customers in developing nations.”
“Between 2007 and 2008 we had over 100% growth, and between 2008 and this year, we expect about 50% growth. You hit these plateaus because you sign up with distributors, which brings millions of customers.”
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