Armando Vergilio dos Santos, a representative of the Superintendencia de Seguros Privados (SUSEP), reportedly commented recently that, despite the global financial crisis, the regulator expects 12-15% growth in the Brazilian insurance market in the coming year. Speaking at a conference in Sao Paolo, Mr. dos Santos reportedly stated “There is no reason, despite the crisis, that we should not remain optimistic. The coming year will see vertical growth . . . .” The sentiments were reportedly echoed by others at the conference, who cited the continuing influx of reinsurers and low insurance penetration rates as evidence of tremendous growth potential for the market.