Bancaribe and Mapfre launch microinsurance in Venezuela from $1 a month

Bancaribe became the first bank authorized by the Superintendency of Insurance Activity to operate as an alternative channel for Mapfre Venezuela, according to the portal Banca y Negocios.

The commercial alliance allows the bank's branches and digital platforms to function as points of sale and collection for life, personal accident and funeral service policies issued by the insurer.

The scheme seeks to expand coverage in the local market through affordable products, with premiums starting at $1 a month, according to information published by the outlet.

Bancaribe will handle distribution through its infrastructure and service network, while Mapfre retains direct responsibility for issuing the policies, setting coverage and managing claims.