Zurich joint venture pays off

Following its bancassurance joint venture with Zurich Financial Services last March, Brazil’s Banco Mercantil Finasa has greatly increased its share of the domestic market. It has jumped from 23rd to 16th place in the country’s insurers’ rankings in the last six months. There is every indication Finasa will keep improving its ranking and causing its competitors concern. Zurich, one of the world’s largest insurers, with assets of US$45bn, did not previously have a distribution channel in Brazil, Latin America’s biggest insurance market. Finasa benefits as it can offer better insurance cover backed by Zurich’s technology and capacity.