As of September 2025, the Chilean insurance market confirms its position as one of the most relevant and structured markets in Latin America, combining life and non-life segments with a total premium volume of USD 12,2 billion. This represents a nominal year-on-year growth of 5.9% compared to September 2024, when premiums reached USD 11,5 billion, reflecting moderate but sustained expansion in a context of economic normalization and selective demand growth.
Measured in local currency, the market shows a stronger nominal performance. Total premiums amounted to CLP 11,700,468 million at the close of September 2025, up from CLP 10,401,984 million a year earlier, implying a nominal annual increase of 12.5%. The gap between growth rates in U.S. dollars and pesos highlights the impact of exchange rate dynamics on reported market size.
Competition in the Chilean insurance sector remains intense, with 63 insurers actively operating in the market. This figure represents 8.0% of the total number of insurers across Latin America, underscoring Chile’s relevance as a concentrated yet highly developed insurance hub within the region.
Market leadership is clearly defined, with the top ten insurers accounting for a cumulative market share of 66.2%. MetLife Vida leads the ranking with a 14.2% share, followed closely by Consorcio Nacional Vida with 13.3%. Confuturo ranks third with 8.7%, while BICE Vida and Penta Vida hold shares of 6.3% and 5.9%, respectively. In the non-life segment, HDI Seguros Generales stands out with a 5.2% share, followed by BCI Seguros Generales at 4.4%. Suramericana Generales reaches 3.1%, Mapfre Generales 2.8%, and Zurich Chile Vida closes the top ten with a 2.2% market share. The composition of the ranking highlights the dominant role of life insurers, alongside a solid presence of diversified and non-life players.
From a technical perspective, total direct premiums in September 2025 amounted to USD 12,172 million. Life insurance represented the bulk of the market with USD 8,338 million in direct premiums, while general insurance contributed USD 3,834 million, confirming the structural weight of life products within the Chilean insurance industry.
Claims performance shows a markedly different profile between segments. Total direct claims reached USD 9,905 million, with life insurance accounting for USD 8,608 million and general insurance USD 1,297 million. This claims distribution reflects the maturity of the life segment and the significant obligations associated with long-term and savings-related products.
Technical results reveal contrasting profitability dynamics. General insurance posted a positive technical result of USD 166 million, while life insurance recorded a technical loss of USD 2,120 million, resulting in an overall negative technical result of USD 1,954 million for the market. This divergence points to pressure on margins in life insurance, likely linked to financial costs, guarantees and claims behavior.
Despite the technical losses in life insurance, final results paint a more favorable picture at the aggregate level. General insurance generated a final result of USD 257 million, while life insurance achieved a positive final result of USD 677 million. As a result, the total final result for the Chilean insurance market reached USD 934 million as of September 2025, indicating the relevance of financial income and non-technical components in overall profitability.
Overall, the Chilean insurance market in 2025 combines solid scale, a high level of competition, and a concentrated leadership structure. While growth remains moderate in dollar terms, the sector continues to play a central role in the Latin American insurance landscape, with life insurance acting as the main driver of volume and financial results, and general insurance contributing positively to technical performance.