At the close of 2023, Chile's insurance market exhibited robust growth with direct premium volumes reaching 13.3 trillion Chilean pesos, representing a notable year-on-year increase of 17%.
In the life insurance sector, METLIFE secured the top position with an 18.6% market share, followed by CONSORCIO NACIONAL at 17.1%, and PENTA at 13.8%. These three insurers lead the market, highlighting their strong foothold and competitive strategies. In the non-life insurance sector, BCI SEGUROS dominated with a 12.4% market share, closely trailed by SURAMERICANA at 12.1%, and HDI / HELP with 10.5%. These figures illustrate the significant presence and influence of these companies in the non-life insurance segment.
Analyzing the growth in market share within the life insurance sector, CONSORCIO NACIONAL emerged as the leader, gaining 1.71 market share points, demonstrating its effective market penetration strategies. METLIFE also saw a significant increase with a gain of 0.30 percentage points. Other notable performers in this category included BICE VIDA, which gained 0.15 percentage points, CÁMARA with a 0.12 percentage point increase, and SURA, which saw its market share rise by 0.09 percentage points.
In the non-life insurance sector, CHUBB led the growth rankings, gaining 0.90 percentage points, underscoring its successful expansion efforts. SURAMERICANA followed closely, increasing its market share by 0.87 percentage points, reflecting its strong performance. EVEREST GENERALES also showed significant growth, with a gain of 0.84 percentage points. ZURICH SANTANDER saw an increase of 0.71 percentage points, and ORION SEGUROS grew by 0.13 market share points.
