Rio, 4/15/2004 (Agência Brasil) - The Brazilian insurance market should grow between 5% and 6% this year, says the head of the Private Insurance Superintendency (Susep), René Garcia.

According to Garcia, Susep is concentrating on low-priced insurance in order to get low-income families into the business. It is a way to promote social inclusion, he says. Life insurance can cost as little as US$1.70 (R$5) a month for coverage of US$3,400 (R$10,000), he points out.

As for pension plans, that is definitely a growth sector. With reduced government benefits, the Brazilian middle class has to look elsewhere for protection. Garcia says private sector pension plans expect growth of 50% this year.

Translator:Allen Bennett