The Chilean insurance market closed September 2024 with direct written premiums totaling CLP 10.4 trillion, reflecting a nominal year-on-year growth of 5.9%. This growth, while modest, underscores resilience in both the life and non-life segments, with each demonstrating distinct performance dynamics and market movements.
The non-life insurance sector registered direct written premiums of CLP 3.67 trillion, a 3.8% increase compared to the same period in 2023. The sector's final result of CLP 190 billion marked a significant 20.8% growth, driven by a remarkable 26.5% improvement in technical results, which stood at CLP 87.7 billion. The decline in claims expenses, which dropped 16.2% to CLP 1.46 trillion, played a pivotal role in boosting profitability and offsetting moderate premium growth. These figures highlight an ongoing trend of enhanced underwriting discipline and cost efficiency within the non-life segment.
In contrast, the life insurance sector achieved more robust premium growth, with direct written premiums reaching CLP 6.73 trillion, up 7.1% year-on-year. However, its final result of CLP 600 billion represented a subdued 4.2% increase. The technical result for this segment remained negative at CLP -1.57 trillion, though it improved slightly by 1.1% from the prior year. Claims in the life segment increased by 2.5% to CLP 6.97 trillion, reflecting ongoing pressures on profitability despite the sector’s premium expansion.
When combining life and non-life insurance, total direct written premiums of CLP 10.4 trillion represented an overall 5.9% growth. The final result of CLP 790 billion improved by 7.8%, while the consolidated technical result, at CLP -1.48 trillion, showed marginal deterioration of 0.1%. Total claims across both segments amounted to CLP 8.43 trillion, declining by 1.3% compared to the previous year, indicating some relief in loss ratios across the industry.
Market leadership in the life insurance segment is firmly held by MetLife, with an 18.5% market share, followed closely by Consorcio Nacional at 17.4% and Penta with 12.2%. Notably, Consorcio Nacional achieved the most significant market share gain in the segment, adding 2.08 percentage points, signaling aggressive market positioning. Other life insurers demonstrating growth included SURA (0.82 points) and BICE Vida (0.71 points), reflecting a competitive but concentrated landscape.
In the non-life segment, BCI Seguros led the market with a 13.6% share, followed by Suramericana at 10.9% and HDI/HELP with 10.4%. Zurich Santander emerged as a key player in market share growth, gaining 1.22 percentage points, outpacing competitors such as FID Chile (0.97 points) and Everest Generales (0.82 points). These results highlight dynamic shifts driven by strategic initiatives and product innovations.
The data underscores both opportunities and challenges in the Chilean insurance market. While premium growth remains stable, profitability pressures persist, particularly in the life segment. The concentration of market share among leading players signals strong competitive dynamics, with a mix of established firms and emerging players reshaping the landscape.