Brazil’s insurance regulator, SUSEP, recently indicated that the timeline for microinsurance legislation has been further extended. Almost to the day, yet another study was released, this time by the Brazilian economic analysis firm FGV, indicating a vast potential for microinsurance sales in the Brazilian market.

It now appears likely that the microinsurance bill, which had been previously delayed from June 30 to September 30, will not be approved for at least another 5 to 6 months.

FGV’s study found that the vast majority of retail insurance sales are currently made to wealthy individuals, indicating a large potential market for microinsurance products for Brazil’s huge middle and lower classes.