BRIC Countries Report

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Goldman Sachs predicts that Brazil, Russia, India and China will be the four most important economies in the world by 2050. Here's what you need to know about the insurance landscape in each market.

Suzanne Sharma on October 7, 2011

The landscape for international trade agreements has withered in the last decade for a variety of structural reasons, so many countries are approaching bilateral trade deals as a means of filling the gap.

Canada is no different, and continues to work on trade agreements with emerging markets instead of relying solely on its strong relationship with its southern neighbour.

“We recognize that diversification away from our core US market is necessary,” says Rana Sarkar, president & CEO, Canada-India Business Council. “It’s not just about the growth—it’s innovation where you see lots of new types of business models operating in other parts of the world, whether it be India, China or Brazil.”

According to Sarkar, in order to remain competitive, Canada needs to have a presence in these markets and learn from their unique business methods.

However, Canadian companies that want to do business in emerging economies should be ready for a challenge.

“You have to partner well and go in there with a long term attitude,” Sarkar advises business owners. “You have to determine how ready you are to become globally active. Do your research, join organizations (such as Canada-India Business Council) and make sure it’s the right timeframe for your business and yourself.”

But before Canadian companies explore opportunities in any of the emerging economies, including Brazil, Russia, India or China (BRIC), it’s necessary to understand the insurance landscape in each country, which comes with its own set of rules, regulations and complexities.

Whether you want to penetrate the market from a personal business standpoint, or advise a customer that is a business owner, brokers should have knowledge of each country’s insurance market.

Canadian Insurance Top Broker provides you with a brief market summary of each BRIC country below. For more in-depth information, brokers should consider subscribing to Axco Insurance Information Services.

For the Brazil report, click here.

For the Russia report, click here.

For the India report, click here.

For the China report, click here.

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