Brazil's Life Insurance Sector Urged to Prioritize Protection Over Wealth Building

At the Expert XP 2026 conference in São Paulo, senior executives from Icatu Seguros and MetLife Brazil argued that life insurance should be a core component of financial planning rather than a later add‑on. Luciano Soares of Icatu emphasized that any wealth‑building strategy is incomplete without protection, noting that only about 18 % of Brazilians have life insurance compared with roughly 50 % in the United States. Breno Gomes of MetLife described the product as an “anticipator of wealth,” especially important for the growing Brazilian middle class that has yet to accumulate substantial assets.

Panelists called for the insurance market to embed coverage into every stage of a person’s financial life, highlighting that payouts can cover essential expenses—such as education, mortgage payments, and living standards—if an unexpected death, disability, or loss of income occurs. They see a substantial growth opportunity in Brazil’s under‑penetrated market.

The discussion underscored a shift from viewing life insurance as a secondary dessert to treating it as a main course alongside investments, aiming to close the protection gap and support long‑term financial resilience for families across Brazil.