Hyundai Capital Brazil’s joint venture, Banco Hyundai Capital Brasil (BHCB), is strengthening its insurance portfolio through a collaboration with global insurer Assurant.
BHCB recently announced, “In partnership with Assurant, we have launched two new insurance products: ‘GAP Nota Fiscal Insurance’ and ‘Itens Pessoais Insurance.’”
GAP Nota Fiscal Insurance covers the difference between a vehicle’s purchase price and the insurance payout in the event of a total loss. Itens Pessoais Insurance compensates for personal belongings—such as mobile phones, laptops, and sunglasses—stored inside the vehicle if they are damaged or stolen due to robbery or break-ins.
These two products follow the used-car warranty insurance that BHCB and Assurant have been offering since last year. The used-car warranty insurance covers major components like the engine, transmission, and electrical systems of used vehicles no longer under the manufacturer’s warranty.
This expansion aligns with Hyundai Motor’s strategy in the Brazilian market. Last year, Hyundai sold 205,787 vehicles in Brazil, a 10.5% increase from the previous year, surpassing Toyota to rank fourth in brand market share. Analysts attribute this growth to localized vehicle lineups and integrated sales and financial networks.
Assurant provides insurance services for over 55 million vehicles across 21 countries. It is a leader in auto insurance in markets like the U.S. and Mexico and maintains partnerships with multiple global automakers beyond Hyundai.
BHCB was established with 50% investments each from Hyundai Capital and Spanish financial group Santander. It serves as Hyundai Motor’s exclusive financial services provider in Brazil, offering auto financing solutions.
