Brazil

Between 1994 and 2000, Brazil's insurance market grew by an incredible 90 percent. The size of the industry is admittedly relatively small, but it has continued to develop and seems to promise limitless growth.

Marsh Inc. has been present in Brazil since 1954. Until recently, the firm's Brazilian activities were managed by Tudor Marsh McLennan, a leading New York-based risk management joint venture. Subsequently, the Brazilian operations became wholly owned by Marsh, which continued to expand its activities in the country.

Today, Marsh is the largest industrial broker in Brazil as most of the country's multinationals chose to use the consulting and brokerage services of Marsh Brazil.
Marsh Corretora de Seguros President Thomaz Menezes

The company's portfolio covers all industries and its profile on the Brazilian market continues to grow. "We were especially proud to be chosen by the Brazilian Oil & Gas Institute as the official risk consultant for the 17th World Petroleum Conference to be held in Brazil in 2002," said Thomaz Menezes, the president and CEO of Marsh Corretora de Seguros. "This is an honor and it will be very interesting to participate in the different opportunities provided by the Brazilian oil & gas industry."

According to Menezes, the Brazilian market holds great promise for Marsh in a number of areas. "Today, Brazil represents around 40 percent of the Latin American economy in terms of insurance. There is tremendous potential for growth, especially if you consider the size of the population," he said.

"Furthermore, insurance penetration is quite low. Compared to some European countries where expenditure per capita on insurance is around $2,000 a year, the most recent figures indicate that - on average - Brazilians spend only $37 a year. Subsequently, the potential for growth in the insurance industry is simply tremendous."

Marsh is particularly well placed with Brazil's historically strong and still growing Japanese business community. Five years ago, the company acquired the portfolio of a local Japanese broker to offer the highest possible levels of service to these customers. "We have over 20 years of experience servicing Japanese clients," said Menezes, "and we are working very closely with our Japanese clients and service providers to further reinforce our position in this field. We have created a Japanese service unit in Brazil and it has quickly become an absolutely vital part of our organization.

"This has been a tremendous year," he said. "We have exceeded our clients' expectations and we look forward to strengthening our level of service in 2002 and the years beyond."

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