A recent research study analyzing the insurance brokerage and intermediary market in Chile presents detailed data on premiums intermediated by brokers and individual agents across all lines of insurance between 2019 and December 2024. The data provides a clear snapshot of business volume, year-over-year variations, and competitive positions based on market share.
Insurance Brokers, Bancassurance, Retailers and Intermediaries in Chile 2019-2024 (Excel dataset)
Market Size & Growth
By the end of December 2024, total premiums intermediated across both life and non-life insurance reached CLP 6.539 trillion. In the non-life segment, intermediated premiums totaled CLP 4.577 trillion. Of that, bancassurance accounted for CLP 1.237 trillion, retail channels for CLP 224 billion, individual agents and smaller intermediaries for CLP 290 billion, and brokers for CLP 2.826 trillion. In life insurance, intermediated premiums stood at CLP 1.961 trillion, with bancassurance representing CLP 873 billion, retail CLP 105 billion, individual agents CLP 78 billion, and brokers CLP 905 billion.
In terms of annual growth, the overall market for intermediated premiums grew by 6.5% in 2024. Within non-life insurance, the segment expanded 5.8%. Bancassurance showed strong performance with an 11.5% rise, while brokers grew 4.3%. Retail declined slightly by 0.3%, and the group of individual agents and smaller intermediaries saw a modest increase of 1.7%. In life insurance, premiums intermediated rose by 8.3%, led by bancassurance with a 13.4% increase and brokers with 11.0%. Individual agents posted an 11.2% rise, while the retail channel dropped sharply by 32.4%.
Competitors and Market Shares
The ranking of brokers that gained the most market share between December 2023 and December 2024 across total intermediated premiums (life and non-life combined) is led by Santander Corredora de Seguros Limitada, which added 1.44 percentage points. It is followed by Scotia Corredora de Seguros Chile Limitada with a gain of 1.13 points, Marsh S.A. Corredores de Seguros with 1.04 points, Lockton Chile Corredores de Seguros Spa with 0.57 points, and Coopeuch Corredores de Seguros Spa with 0.55 points. Other notable gains include CAT Corredores de Seguros y Servicios S.A. (0.54%), Seguros Falabella Corredores Limitada (0.35%), Corredora de Seguros La Cámara Spa (0.28%), FR Group Corredores de Seguros Limitada (0.21%), and Ureta y Fernández Corredores de Seguros Limitada (0.13%).
As of December 2024, the top five intermediaries by market share in the life insurance segment are BancoEstado Corredores de Seguros S.A., Banchile Corredores de Seguros Limitada, Santander Corredora de Seguros Limitada, Mercer Corredores de Seguros Limitada, and Cono Sur Corredores de Seguros Limitada. Together, these five firms hold a combined market share of 37.10% in life insurance.
In the non-life segment, Marsh S.A. Corredores de Seguros leads the ranking, followed by Santander Corredora de Seguros Limitada, Willis Towers Watson S.A. Corredores de Seguros, BCI Corredores de Seguros S.A., and BancoEstado Corredores de Seguros S.A. The combined market share of these top five players in non-life insurance reaches 39.50%.
This report is based on proprietary research that tracked premiums intermediated by each broker and agent in Chile, classified by type of coverage, for the full period from 2019 to December 2024.