Non-Life Insurance in Chile, Key Trends and Opportunities to 2019

Date: 2015-11

“โ€ข Chileโ€™s non-life insurance segment posted a review-period CAGR of 6.7%.

โ€ข Chilean non-life insurance penetration stood at 1.3% in 2014, which is low when compared to the penetration level of other Latin American countries such as Argentina with 2.0% and Ecuador with 1.7%.

โ€ข Property insurance was the largest category in the segment and accounted for 59.7% of the non-life segmentโ€™s gross written premium.

โ€ข The growth in property insurance was attributed to the frequent occurrence of natural disasters, government expenditure on infrastructure projects, and expansion within the real estate and construction industry.

โ€ข Earthquakes were the primary cause of economic losses from natural hazards during 1990โˆ’2014.

โ€ข As of 2014, there were 29 companies licensed to conduct non-life insurance business in Chile. The segment was concentrated with the 10 leading companies collectively accounting for 84.6% of the segmentโ€™s gross written premiums in 2014.”


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