This paper analyses the project of the private insurance sector to assume the role of protagonist in guaranteeing social protection and investigates its consequences for the management of inequalities. In Brazil, as in other countries, austerity policies have been implemented causing significant impacts on social insurance and benefits reduction. Based on multisite ethnographic research (2017-2019), developed with insurance market agents, this article analyses the processes of financialisation of social protection and popularisation of private insurance in contemporary Brazil. [ABSTRACT FROM AUTHOR]