Chile General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Chile General Insurance Market Report Overview
The gross written premium of Chile general insurance market was CLP4.6 trillion ($5.2 trillion) in 2022 and is expected to achieve a CAGR of more than 10% during 2023-2027. The Chile general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Chile General Insurance Market Outlook, 2022-2027 (CLP Trillion)
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The Chile general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Chile’s economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | CLP4.6 trillion ($5.2 trillion) |
CAGR (2023-2027) | >10% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · Non-Life PA&H · Miscellaneous |
Key Distribution Channels | · Banks
· Direct from Insurers · Insurance Brokers · Financial Advisors · Online Aggregators |
Leading Companies | · BCI
· SURA · HDI · Mapfre · Liberty |
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Chile General Insurance Market Trends
Digitalization and rising demand for EVs are the recurring trends in the Chile general insurance market.
- Auto manufacturers, such as Tesla, GM, Volkswagen, and Mitsubishi Fuso Truck and Bus Corporation have selected Chile to begin the sales of electric vehicles (EVs) in the South American continent in H2 2023.
- In October 2023, the Public-Private Agreement for Electromobility was subscribed to for the fifth year. The agreement seeks to reduce emissions of greenhouse gases and increase energy efficiency in the transportation sector. The agreement is an initiative promoted by the Ministries of Energy and Mining, Transport and Telecommunications, and Environment
Chile General Insurance Market Segmentation by Lines of Business
Property was the leading general insurance line of business in 2022
The key lines of business in the Chile general insurance industry are property, motor, liability, financial lines, MAT, non-life PA&H, and miscellaneous among others. The El Nino-Southern Oscillation impact is likely to lead to extreme flooding and drought in the country over 2023-2027. This is expected to fuel the demand for property insurance in the country.
Chile General Insurance Market Analysis by Lines of Business, 2022 (%)
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Chile General Insurance Market Segmentation by Distribution Channels
Bank was the most preferred channel to purchase general insurance in 2023
A few of the key distribution channels in the Chile general insurance industry are banks, direct from insurers, financial advisors, online aggregators, and insurance brokers among others. The growth of the bancassurance channel in Chile is attributed to the regulatory measures by the Chilean Government. Thus, many insurers expand their distribution channel network through bancassurance partnerships. For instance, HDI’s alliance with the bank BancoEstado in 2021 led to 15 new general insurance product launches in the same year.
Chile General Insurance Market Analysis by Distribution Channels, 2022 (%)
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Chile General Insurance Market - Competitive Landscape
BCI was the largest general insurer in 2022
A few of the leading general insurance companies in Chile are:
- BCI
- SURA
- HDI
- Mapfre
- Liberty
BCI was the only domestic insurer among the top five. In 2022, the company commercialized Mandatory Personal Accident Insurance (Seguro Obligatorio de Accidentes Personales or SOAP) through the web application it developed. This increased the number of policies sold online.
Chile General Insurance Market Analysis by Companies, 2022 (%)
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Chile General Insurance Market - Latest Developments
- In May 2023, HDI International (HDI) acquired Liberty Seguros’s personal and small commercial business in Brazil, Chile, Colombia, and Ecuador. This deal pushed HDI to second place in Brazil, leading in Chile, and securing a seventh place in Colombia’s insurance markets. HDI is a subsidiary of Talanx Group.
Segments Covered in the Report
Chile General Insurance Lines of Business Outlook (Value, CLP Trillion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- Non-Life PA&H
- Miscellaneous
Chile General Insurance Distribution Channel Outlook (Value, CLP Trillion, 2018-2027)
- Direct from Insurers
- Insurance Brokers
- Financial Advisors
- Banks
- Online Aggregators
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Chile.
- Historical values for the Chile general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Chile and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Chile’s general insurance segment.
- A comprehensive overview of Chile’s economy, government initiatives, and investment opportunities.
- Chile’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Chile’s general insurance segment’s market structure gives details of lines of business.
- Chile’s general reinsurance business’s market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Chile’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Chile’s general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Chile’s general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Seguros Generales Suramericana
HDI Seguros
Mapfre Compania De Seguros Generales de Chile
Liberty Compania De Seguros Generales
Southbridge Compania De Seguros Generales
Chubb de Chile Compania De Seguros Generales
Zurich Chile
Table of Contents
Frequently asked questions
-
What was the Chile general insurance market gross written premium in 2022?
The gross written premium of the Chile general insurance market was CLP4.6 trillion ($5.2 trillion) in 2022.
-
What will the growth rate of the Chile general insurance market be during the forecast period?
The general insurance market in Chile is expected to achieve a CAGR of more than 10% during 2023-2027.
-
Which line of business held the largest share of the Chile general insurance market in 2022?
Property was the leading general insurance line of business in 2022.
-
Which distribution channel held the highest share in the Chile general insurance market?
Bank was the leading channel in the Chile general insurance market in 2023.
-
Which are the key companies operating in the Chile general insurance market?
A few of the leading general insurance companies in Chile are BCI, SURA, HDI, Mapfre, and Liberty among others.
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