Personal Accident and Health Insurance in Chile, Key Trends and Opportunities to 2021

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Published: October 30, 2017 Report Code: GD-IS1602MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Chile Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Chilean personal accident and health insurance segment, and a comparison of the Chilean insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The 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.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Chile:

• It provides historical values for the Chilean personal accident and health insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the Chilean personal accident and health insurance segment, and market forecasts to 2021.

• It provides a comparison of the Chilean personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Chile.

• It profiles the top personal accident and health insurance companies in Chile, and outlines the key regulations affecting them.

Key Highlights

• In February 2017, the government of Chile government enacted the Law No 21,000, that will replace the existing insurance regulator Superintendencia de Valores y Seguros (SVS) with the Financial Markets Commission (CMF). The transition is expected to be completed by 2017.

• On January 29, 2015, the Superintendencia de Valores y Seguros (SVS) issued a third paper on risk-based capital frameworks.

• Personal accident and health was the smallest segment in the Chilean insurance industry in 2016, accounting for 9.7% of the industry’s direct written premium.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Chilean personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Chilean personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Chilean insurance industry, and their impact on companies and the industry's future.

MetLife Chile Seguros de Vida SA
Consorcio Nacional de Seguros SA
Bice Vida Compañía de Seguros SA
Chilena Consolidada Seguros de Vida SA
Seguros de Vida Sura SA
RSA Seguros Chile SA
BCI Seguros Generales SA
Mapfre Compañía de Seguros Generales de Chile SA
Compañía de Seguros Generales Penta Security SA
Liberty Compañía de Seguros Generales SA

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Active policies

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Active policies

5.1.3 Claims

5.1.4 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Active policies

5.2.3 Claims

5.2.4 Profitability

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Active policies

5.3.3 Claims

5.3.4 Profitability

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Metlife Chile Seguros De Vida SA – company overview

7.1.2 Consorcio Nacional de Seguros SA – company overview

7.1.3 Bice Vida Compañía de Seguros SA – company overview

7.1.4 Chilena Consolidada Seguros de Vida SA – company overview

7.1.5 Seguros de Vida Sura SA – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Insurance for motor vehicles accidents

8.4.2 Pension insurance

8.4.3 Health insurance

8.4.4 Workmen’s compensation insurance

8.4.5 Professional indemnity insurance for brokers and loss adjusters

8.4.6 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Association of Insurance Supervisors Latin America

8.5.3 Superintendent of Security Markets and Insurance Companies

8.5.4 Insurance Association of Chile

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxations

8.8.2 Withholding taxes on premium paid overseas.

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Personal Accident Insurance

9.5 Health Insurance

9.6 Health Insurance by Category

9.7 Travel Insurance

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Chilean Personal Accident and Health Insurance – Key Facts, 2016

Table 2: Chilean Personal Accident and Health Insurance – Top Insurers, 2016

Table 3: Chile Government Credit Ratings

Table 4: Chilean Motor Insurance – Road Accidents, 2012–2016

Table 5: Chilean Personal Accident and Health Insurance – Gross Written Premium (CLP Billion and US$ Billion), 2012–2016

Table 6: Chilean Personal Accident and Health Insurance – Penetration (%), 2012–2016

Table 7: Chilean Personal Accident and Health Insurance – Gross Written Premium (CLP Billion and US$ Billion), 2016–2021

Table 8: Chilean Personal Accident and Health Insurance – Penetration (%), 2016–2021

Table 9: Chilean Personal Accident and Health Insurance – Premium per Capita (CLP and US$), 2012–2016

Table 10: Chilean Personal Accident and Health Insurance – Premium per Capita (CLP and US$), 2016–2021

Table 11: Chilean Personal Accident and Health Insurance – Number of Active Policies (Thousand), 2012–2016

Table 12: Chilean Personal Accident and Health Insurance – Number of Active Policies (Thousand), 2016–2021

Table 13: Chilean Personal Accident and Health Insurance – Paid Claims (CLP Billion and US$ Billion), 2012–2016

Table 14: Chilean Personal Accident and Health Insurance – Paid Claims (CLP Billion and US$ Million), 2016–2021

Table 15: Chilean Personal Accident and Health Insurance – Profitability Ratio (%), 2012–2016

Table 16: Chilean Personal Accident and Health Insurance – Profitability Ratio (%), 2016–2021

Table 17: Chilean Personal Accident and Health Insurance – Total Assets (CLP Billion and US$ Billion), 2012–2016

Table 18: Chilean Personal Accident and Health Insurance – Total Assets (CLP Billion and US$ Billion), 2016–2021

Table 19: Chilean Personal Accident and Health Insurance – Total Investment Income (CLP Billion and US$ Billion), 2012–2016

Table 20: Chilean Personal Accident and Health Insurance – Total Investment Income (CLP Billion and US$ Billion), 2016–2021

Table 21: Chilean Personal Accident and Health Insurance – Investment Portfolio (CLP Billion), 2012–2016

Table 22: Chilean Personal Accident and Health Insurance – Investment Portfolio (CLP Billion), 2016–2021

Table 23: Chilean Personal Accident and Health Insurance – Direct Written Premium by Category (CLP Billion), 2012–2016

Table 24: Chilean Personal Accident and Health Insurance – Direct Written Premium by Category (CLP Billion), 2016–2021

Table 25: Chilean Personal Accident Insurance – Direct Written Premium (CLP Billion and US$ Million), 2012–2016

Table 26: Chilean Personal Accident Insurance – Direct Written Premium (CLP Billion and US$ Million), 2016–2021

Table 27: Chilean Personal Accident Insurance – Number of Active Policies (Thousand), 2012–2016

Table 28: Chilean Personal Accident Insurance – Number of Active Policies (Thousand), 2016–2021

Table 29: Chilean Personal Accident Insurance – Paid Claims (CLP Billion and US$ Billion), 2012–2016

Table 30: Chilean Personal Accident Insurance – Paid Claims (CLP Billion and US$ Billion), 2016–2021

Table 31: Chilean Personal Accident Insurance – Loss Ratio (%), 2012–2016

Table 32: Chilean Personal Accident Insurance – Loss Ratio (%), 2016–2021

Table 33: Chilean Health Insurance – Direct Written Premium by Sub-Category (CLP Billion), 2012–2016

Table 34: Chilean Health Insurance – Direct Written Premium by Sub-Category (CLP Billion), 2016–2021

Table 35: Chilean Health Insurance – Number of Active Policies by Sub-Category (Thousand), 2012–2016

Table 36: Chilean Health Insurance – Number of Active Policies by Sub-Category (Thousand), 2016–2021

Table 37: Chilean Health Insurance – Paid Claims (CLP Billion and US$ Million), 2012–2016

Table 38: Chilean Health Insurance – Paid Claims (CLP Billion and US$ Million), 2016–2021

Table 39: Chilean Health Insurance – Loss Ratio (%), 2012–2016

Table 40: Chilean Health Insurance – Loss Ratio (%), 2016–2021

Table 41: Chilean Travel Insurance – Direct Written Premium (CLP Billion and US$ Million), 2012–2016

Table 42: Chilean Travel Insurance – Direct Written Premium (CLP Billion and US$ Million), 2016–2021

Table 43: Chilean Travel Insurance – Number of Active Policies (Thousand), 2012–2016

Table 44: Chilean Travel Insurance – Number of Active Policies (Thousand), 2016–2021

Table 45: Chilean Travel Insurance – Paid Claims (CLP Billion and US$ Million), 2012–2016

Table 46: Chilean Travel Insurance – Paid Claims (CLP Billion and US$ Million), 2016–2021

Table 47: Chilean Travel Insurance – Loss Ratio (%), 2012–2016

Table 48: Chilean Travel Insurance – Loss Ratio (%), 2016–2021

Table 49: Chilean Personal Accident and Health Segment – Market Shares of Leading Insurers (%), 2016

Table 50: Metlife Chile Seguros De Vida SA – Key Facts

Table 51: Consorcio Nacional de Seguros SA – Key Facts

Table 52: Bice Vida Compañía de Seguros SA – Key Facts

Table 53: Chilena Consolidada Seguros de Vida SA – Key Facts

Table 54: Seguros de Vida Sura SA – Key Facts

Table 55: Chile – Insurance Regulatory Framework Key Features

Table 56: Chile – Life Insurance Regulatory Framework

Table 57: Chile – Property Insurance Regulatory Framework

Table 58: Chile – Motor Insurance Regulatory Framework

Table 59: Chile – Liability Insurance Regulatory Framework

Table 60: Chile – Factors Used for Solvency Margin Calculation

Table 61: Chile – Corporate Tax Rates for the Financial Year 2017

Table 62: Chilean Personal Accident and Health Insurance Industry – Policies and Premium, 2012–2016

Table 63: Chilean Personal Accident and Health Insurance Industry – Policies and Premium, 2016–2021

Table 64: Chilean Personal Accident and Health Insurance – Claims and Expenses, 2012–2016

Table 65: Chilean Personal Accident and Health Insurance – Claims and Expenses, 2016–2021

Table 66: Chilean Personal Accident and Health Insurance – Assets and Investments, 2012–2016

Table 67: Chilean Personal Accident and Health Insurance – Assets and Investments, 2016–2021

Table 68: Chilean Personal Accident and Health Insurance – Personal Accident Insurance, 2012–2016

Table 69: Chilean Personal Accident and Health Insurance – Personal Accident Insurance, 2016–2021

Table 70: Chilean Personal Accident and Health Insurance – Health Insurance, 2012–2016

Table 71: Chilean Personal Accident and Health Insurance – Health Insurance, 2016–2021

Table 72: Chilean Personal Accident and Health Insurance – Health Insurance by Product, 2012–2016

Table 73: Chilean Personal Accident and Health Insurance – Health Insurance by Product, 2016–2021

Table 74: Chilean Personal Accident and Health Insurance – Travel Insurance, 2012–2016

Table 75: Chilean Personal Accident and Health Insurance – Travel Insurance, 2016–2021

Table 76: Insurance Industry Definitions

Figures

Figure 1: Chile Real GDP (CLP Billion), 2012–2021

Figure 2: CLP–US$ Exchange Rate, 2012–2021

Figure 3: Chilean Consumer Price Inflation (%), 2012–2021

Figure 4: Chilean Current Account Balance as Percentage of GDP (%), 2012–2016

Figure 5: Chile Unemployment Rate, 2012–2021

Figure 6: Chile Population by Age Group, 1991–2025

Figure 7: Chilean Life Insurance Penetration – Regional Comparison (%), 2016

Figure 8: Chilean Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2016

Figure 9: Chilean Personal Accident and Health Insurance – Gross Written Premium (CLP Billion), 2012–2021

Figure 10: Chilean Personal Accident and Health Insurance – Penetration (%), 2012–2021

Figure 11: Chilean Personal Accident and Health Insurance – Premium per Capita (CLP), 2012–2021

Figure 12: Chilean Personal Accident and Health Insurance – Number of Active Policies (Thousand), 2012–2021

Figure 13: Chilean Personal Accident and Health Insurance – Paid Claims (CLP Billion), 2012–2021

Figure 14: Chilean Personal Accident and Health Insurance – Profitability Ratio (%), 2012–2021

Figure 15: Chilean Personal Accident and Health Insurance – Total Assets (CLP Billion), 2012–2021

Figure 16: Chilean Personal Accident and Health Insurance – Total Investment Income (CLP Billion), 2012–2021

Figure 17: Chilean Personal Accident and Health Insurance – Investment Portfolio (CLP Billion), 2012–2021

Figure 18: Chilean Personal Accident and Health Insurance – Investment Portfolio Dynamics by Types of Investment, 2012–2021

Figure 19: Chilean Personal Accident and Health Insurance – Direct Written Premium by Category (CLP Billion), 2012–2021

Figure 20: Chilean Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2012–2021

Figure 21: Chilean Personal Accident Insurance – Direct Written Premium (CLP Billion), 2012–2021

Figure 22: Chilean Personal Accident Insurance – Number of Active Policies (Thousand), 2012–2021

Figure 23: Chilean Personal Accident Insurance – Paid Claims (CLP Billion), 2012–2021

Figure 24: Chilean Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2012–2021

Figure 25: Chilean Health Insurance – Direct Written Premium by Sub-Category (CLP Billion), 2012–2021

Figure 26: Chilean Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2012–2021

Figure 27: Chilean Health Insurance – Number of Active Policies by Sub-Category (Thousand), 2012–2021

Figure 28: Chilean Health Insurance – Paid Claims (CLP Billion), 2012–2021

Figure 29: Chilean Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2012–2021

Figure 30: Chilean Travel Insurance – Direct Written Premium (CLP Billion), 2012–2021

Figure 31: Chilean Travel Insurance – Number of Active Policies (Thousand), 2012–2021

Figure 32: Chilean Travel Insurance – Paid Claims (CLP Billion), 2012–2021

Figure 33: Chilean Travel Insurance – Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2012–2021

Figure 34: Chile – Insurance Supervision and Control at Various Levels

Figure 35: Chile – Insurance Regulatory Frameworks for Company Registration and Operation

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