Direct written premiums in Chile (Life and non-Life)
Quarterly market share growth ranking
The ranking of the five insurers experiencing the most substantial increase in their market share in direct premiums (considering both life and non-life coverage) reveals that SOUTHBRIDGE holds the first position with a 1.05% increase in market share points. It is followed by SURA (+0.90%), CONSORCIO (+0.79%), SECURITY PREVISION (+0.47%), and CNLIFE (+0.35%).
In terms of performance measured by the total business volume, METLIFE has established itself as the leader by the end of June 2023, commanding an 11.6% share of the total local market (combining life and non-life), followed by PENTA at 10.6% and CONFUTURO, which reached 7.9%.
The second quarter of 2023 in the Chilean insurance market exhibits a nominal growth of 23.8% in Pesos, with a premium volume reaching CH$ 6.4 billion. Assuming a scenario of exchange rate stability and current business trends in the primary lines of coverage within the local market, the aggregated business volume could reach USD 20.1 billion by the end of 2025. On the other hand, the sector's quarterly results are positive, with a profit of CH$ 0.5 billion at the end of the quarter (CH$ 0.12 billion from Non-Life and CH$ 0.38 billion from Life businesses).
In terms of performance measured by the total business volume, METLIFE has established itself as the leader by the end of June 2023, commanding an 11.6% share of the total local market (combining life and non-life), followed by PENTA at 10.6% and CONFUTURO, which reached 7.9%.
The second quarter of 2023 in the Chilean insurance market exhibits a nominal growth of 23.8% in Pesos, with a premium volume reaching CH$ 6.4 billion. Assuming a scenario of exchange rate stability and current business trends in the primary lines of coverage within the local market, the aggregated business volume could reach USD 20.1 billion by the end of 2025. On the other hand, the sector's quarterly results are positive, with a profit of CH$ 0.5 billion at the end of the quarter (CH$ 0.12 billion from Non-Life and CH$ 0.38 billion from Life businesses).