BMI View: The short- and medium-term outlook for the Brazilian insurance industry remains positive, with steady growth anticipated on the horizon in both the life and non-life sectors. A number of factors will drive insurance uptake in the country, including rising incomes, growing levels of discretionary spending powers, an improving macroeconomic landscape and steady expansion in domestic consumption levels. Non-life insurance will be driven by a rising middle class pool supported by growing purchases of insurable goods such as autos. Life insurance growth will be driven by a stronger demand for savings and life plans as product awareness grows in tandem with carrier efforts to generate organic growth. The Brazilian economy is on track to post stronger growth from 2018 to 2022 after three years of subdued performance, with headline economic indicators supporting the industry. We note that insurance carriers will look to attract lower-income consumers in areas where penetration rates and product awareness is low. As a result, carriers will have to actively target low- and middle-income customers to expand their revenue streams.