As of December 2024, the Chilean insurance market recorded a total volume of direct premiums issued amounting to USD 14,327 million. The projected volume for 2027 is estimated at USD 19,032 million, reflecting continued growth expectations for the sector. In local currency terms, the direct premiums issued totaled CLP 14.2 trillion, marking a nominal year-over-year increase of 6.7%, as reported in Insurance Market in Chile 2011-2024
In terms of market share within the life insurance business, the leading groups were MetLife with 18.7%, Consorcio Nacional with 16.8%, and Penta with 11.9%. In the non-life segment, the top-ranking insurers were HDI with 16.6%, BCI Seguros with 13.0%, and Suramericana with 11.2%.
The highest growth in market share within the life segment was led by Confuturo, which gained 1.01 percentage points, followed by BICE Vida with 0.79 points, SURA with 0.75 points, Cámara with 0.50 points, and BNP Paribas Cardif with 0.30 points.
In the non-life segment, HDI showed the most significant increase, gaining 6.03 percentage points (on October 11, 2024, Chile's Financial Market Commission (CMF) authorized the merger by incorporation of HDI Seguros S.A. into Liberty. As a result of the transaction, Liberty has been renamed “HDI Seguros S.A.”, and the merged entity now operates under this name). It was followed by FID Chile with 0.92 points, Starr International with 0.62 points, BCI Seguros with 0.58 points, and Zurich Santander with 0.54 points.
Within the non-life segment, direct premiums reached CLP 5.12 trillion in December 2024, with a nominal annual variation of 3.6%. The segment reported a final result of CLP 0.24 trillion, representing an 8.6% increase compared to the previous year. The technical result stood at CLP 0.0857 trillion, with a modest growth of 0.6%. Claims expenses amounted to CLP 1.87 trillion, showing a significant decrease of 24.4% year-over-year.
In the life insurance segment, direct premiums issued totaled CLP 9.11 trillion, reflecting an 8.5% nominal annual increase. The final result for the segment was CLP 0.82 trillion, a growth of 3.5%. However, the technical result remained negative at CLP -2.28 trillion, despite a year-over-year improvement of 3.4%. Claims reached CLP 9.46 trillion, showing an increase of 4.3%.
When combining both life and non-life businesses, total direct premiums amounted to CLP 14.23 trillion, up 6.7% compared to the previous year. The total final result reached CLP 1.06 trillion, a 4.6% increase, while the consolidated technical result was negative at CLP -2.20 trillion, with a 3.5% improvement. Total claims paid across both segments amounted to CLP 11.33 trillion, representing a slight annual decrease of 1.9%.