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Chile Life Insurance – Key Trends and Opportunities to 2025

The gross written premium of Chile life insurance market was valued at $6.0 billion in 2020. The market is expected to grow at a CAGR of more than 4% during the forecast period. In 2020, pension was the largest life insurance line followed by general annuity. Pension was also the fastest growing line during the review period.

The Chile life insurance market report provides a detailed outlook by product category for the Chilean life insurance segment. It provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period. Moreover, this report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Chilean economy and demographics, and provides detailed information on the competitive landscape in the country.

Overview of Chile life insurance market

Overview of Chile life insurance market

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What are the key life insurance market trends in Chile?

Financial Portability Law provides an option to the customers to port their pension and health insurance plans to a new plan from another insurer at no additional cost. Open Banking data-sharing principles enable insurers and other third-party providers to gain customer data access across several financial sector products, such as investment and savings.

Chile had the highest penetration of the banking distribution channel in the Latam region in 2021. The country announced fintech regulations for open banking standards in 2020 leading to simplified payments and efficient transactions. The collaboration between banks and the fintech industry is expected to grow over the forecast period.

Life insurers in Chile adopted bancassurance in their distribution network through strategic partnerships during the review period. The advent of the COVID-19 pandemic accelerated the rate of adaption and innovation in the segment.

What are the key lines of business segments in the Chile life insurance market?

The key lines of business in the life insurance market in Chile are life insurance, whole life insurance, general annuity, endowment, term life insurance, pension, other life insurance, and PA&H insurance. The life insurance segment had the highest share in the Chilean life insurance market followed by pension insurance and general annuity in 2020. Whole life insurance had the smallest share in the market.

Life insurance market in Chile

This segment declined during the review period due to a contraction in premiums from general annuity. But it is expected to grow over the forecast period.

Whole life insurance market in Chile

Demographic factors such as a young-aged population and low birth and mortality rates discouraged the demand for this insurance. The adverse impact of the pandemic on the economy also affected this insurance demand adversely.

General annuity insurance market in Chile

In April 2021, the CMF announced measures for life insurance companies to make a payment within 30 days of receiving applications for the advance payment of annuities to the policyholders.

Endowment insurance market in Chile

Endowment policy is a combination of both life insurance and a savings plan over a specific time period. The policyholder is entitled to a lumpsum amount upon the maturity of the policy. This insurance line is expected to register growth from 2022.

Term life insurance market in Chile

Term life insurance penetration is low in the insurance market. There are three types of term policies offered in Chile, a basic term, supplemental term, and a dependent term policy. The policyholder is entitled to a death benefit to beneficiaries in case of death during the policy period for all three types of policies.

Pension insurance market in Chile

The Chilean pension system comprises a non-contributory first pillar, a fully-funded second pillar and a voluntary third pillar. The third pillar in the Chilean pension system is managed by pension fund administrators, mutual fund administrators, investment fund administrators, housing fund administrators, general fund administrators, life insurance companies, banks, and security brokers.

PA&H insurance market in Chile

In Chile, mandatory social health insurance and private health insurance co-exist, which include statutory health insurance (FONASA) and private health institutions (ISAPRE). Life health has the largest market share and life travel has the smallest market share within this line of business.

Chile life insurance market, by line of business

Chile life insurance market, by line of business

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What are the key distribution channel segments of Chile life insurance market?

The key distribution channel segments of the life insurance market in Chile are direct from insurers, banks, insurance brokers, financial advisor, online aggregator, and others. Direct from insurers held the largest share in the Chilean life insurance market followed by banks, insurance brokers, financial advisor, and online aggregator.

Chile life insurance market, by distribution channel

Chile life insurance market, by distribution channel

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Which are the key life insurance companies in Chile?

Some of the key life insurance companies in Chile are MetLife Chile Seguros de Vida SA, Consorcio Nacional de Seguros SA, Penta Vida Compania De Seguros de Vida SA, Chilena Consolidada Seguros de Vida SA, Bice Vida Compania De Seguros SA, Seguros Vida Security Prevision SA, Compania De Seguros Confuturo SA, Principal Compania De Seguros de Vida Chile SA, BNP Paribas Cardif (Chile), and Ohio National Seguros de Vida SA.

Chile life insurance market, by company

Chile life insurance market, by company

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Market Report Scope

Market size (2020) $6.0 billion (GWP)
CAGR >4%
Forecast period 2020-2025
Key lines of business Life Insurance, Whole Life Insurance, General Annuity, Endowment, Term Life Insurance, Pension, Other Life Insurance, and Life PA&H Insurance
Key distribution channels Direct From Insurers, Banks, Insurance Brokers, Financial Advisor, Online Aggregator, and Others
Key companies MetLife Chile Seguros de Vida SA, Consorcio Nacional de Seguros SA, Penta Vida Compania De Seguros de Vida SA, Chilena Consolidada Seguros de Vida SA, Bice Vida Compania De Seguros SA, Seguros Vida Security Prevision SA, Compania De Seguros Confuturo SA, Principal Compania De Seguros de Vida Chile SA, BNP Paribas Cardif (Chile), and Ohio National Seguros de Vida SA

 Scope

This report provides

  • Comprehensive analysis of the Chile insurance industry.
  • Historical values for the Chilean life insurance segment for the report’s 2016-2020 review period, and projected figures for the 2020-2025 forecast period.
  • It offers a detailed analysis of the key categories in the Argentine insurance industry, and market forecasts to 2025.
  • Profiles of the top life insurance companies in Chile and outlines the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Chilean life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Chilean life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

MetLife Chile Seguros de Vida SA

Consorcio Nacional de Seguros SA

Penta Vida Compania De Seguros de Vida SA

Chilena Consolidada Seguros de Vida SA

Bice Vida Compania De Seguros SA

Seguros Vida Security Prevision SA

Compania De Seguros Confuturo SA

Principal Compania De Seguros de Vida Chile SA

BNP Paribas Cardif (Chile)

Ohio National Seguros de Vida SA

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Key Trends by Line of Business

Life Insurance

Pension Insurance

Whole Life Insurance

General Annuity Insurance

Endowment Insurance

Term Life

Personal Accident and Health

Other Life Insurance

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Insurtech

Appendix

Frequently Asked Questions

The gross written premium of Chile life insurance market was valued at $6.0 billion in 2020.

 

 

 

The life insurance market in Chile is expected to grow at a CAGR of more than 4% during the forecast period.

The key lines of business in the life insurance market in Chile are life insurance, whole life insurance, general annuity, endowment, term life insurance, pension, other life insurance, and life PA&H insurance.

The key distribution channel segments of the life insurance market in Chile are direct from insurers, banks, insurance brokers, financial advisor, online aggregator, and others.

Some of the key life insurance companies in Chile are MetLife Chile Seguros de Vida SA, Consorcio Nacional de Seguros SA, Penta Vida Compania De Seguros de Vida SA, Chilena Consolidada Seguros de Vida SA, Bice Vida Compania De Seguros SA, Seguros Vida Security Prevision SA, Compania De Seguros Confuturo SA, Principal Compania De Seguros de Vida Chile SA, BNP Paribas Cardif (Chile), and Ohio National Seguros de Vida SA.

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