BMI View: We maintain a positive outlook for the Brazilian insurance industry in 2017 and over the five years to 2021. Rising incomes, improving macroeconomic fundamentals and a steady demand for life and pension savings, together with increased purchasing of items requiring insurance will all underpin growth in the industry. Additionally, we note that the high growth rate will encourage a number of international insurance carriers to attempt to solidify their footing in a market largely dominated by domestic firms. Insurance carriers will look to attract lower-income consumers in areas where penetration rates and product awareness is low. We highlight that insurers will have to actively lure low- and middle-income customers to generate higher premiums in uninsured areas.