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Insurance Distribution Channels in Chile - 2023.12 Rankings

As of December 2023, the volume of premiums intermediated in Chile, expressed in millions of Chilean Pesos, shows a clear distribution across different types of coverage. For non-life insurance, the volume amounted to 4,32 billion pesos, while life insurance premiums reached 1,81 billion pesos. The total volume for all types of coverage combined stood at 6,13 billion pesos, as indicated by the findings of the INSURANCE DISTRIBUTION CHANNELS IN CHILE market study.
The annual variation in the volume of premiums intermediated reveals growth across all types of coverage. Non-life insurance premiums saw an increase of 6%, while life insurance premiums grew by 12%. Overall, the total volume of premiums intermediated experienced an annual growth rate of 8%.

Breaking down the interannual variation in the volume of premiums intermediated by different channels, bancassurance experienced a decline of 3%. On the other hand, the retail channel saw a substantial increase of 35%. Agents and brokers reported a growth of 7%, and brokers alone registered an 11% increase. 

Examining the ranking of intermediaries with the most significant growth in market share for life insurance, the top performers include Corredora de Seguros Ripley, La Polar Corredores, Bancoestado Corredores, Corredora de Seguros La Camara and Fr Group Corredores.
For non-life insurance, the intermediaries with the highest growth in market share are Willis Towers Watson, Marsh, Bancoestado Corredores, Lockton Chileand Corredores De Seguros Club Del Seguro Limitada.
In terms of market share in the volume of premiums intermediated, considering both life and non-life insurance, the leading intermediaries are Marsh, Banchile Corredores, Bancoestado Corredores, Willis Towers Watson and Santander Corredora De Seguros. The combined market share of these top five leaders amounts to 36%.