Direct written premiums in Chile (Life and non-Life)
Direct written premiums in Chile (Life)
Direct written premiums in Chile (non-Life)
The insurance industry in Chile experienced notable growth in 2023, evident in the significant increase in the volume of premiums. Comparing September 2023 to the same period in the previous year, the total insurance premiums reached CH$ 9.82 billion, reflecting a nominal 19.4% growth. This surge was propelled by a robust performance in both non-life and life insurance segments.
Non-life insurance witnessed a remarkable uptick, with premiums reaching CH$ 3.54 billion, marking a 10.9% increase from the previous year. Key contributors to this growth were motor insurance which saw a 14.1% rise, and coverage for earthquakes and tsunamis, experiencing an impressive 27.6% surge. Ordinary fire insurance also contributed, showing a 17.9% growth in premiums.
On the other hand, the *life insurance* segment demonstrated even more substantial growth, with premiums totaling CH$ 6.29 billion a remarkable 24.8% increase. Notable contributors to this growth included annuities exhibiting a 52.8% surge, insurance policies managed by pension fund administrators (AFP), growing by 18.9%, and health insurance, which witnessed a 17.4% increase.
Despite the positive growth in premiums, the industry faced challenges, particularly in the life insurance sector. The total result of operations for the sector was CH$ (-1.49) billion USD, a net profit of CH$ 725.880 million. However, the non-life insurance segment performed well, with a positive technical result of CH$ 57.500 million and a net profit of CH$ 149.660 million.
Non-life insurance witnessed a remarkable uptick, with premiums reaching CH$ 3.54 billion, marking a 10.9% increase from the previous year. Key contributors to this growth were motor insurance which saw a 14.1% rise, and coverage for earthquakes and tsunamis, experiencing an impressive 27.6% surge. Ordinary fire insurance also contributed, showing a 17.9% growth in premiums.
On the other hand, the *life insurance* segment demonstrated even more substantial growth, with premiums totaling CH$ 6.29 billion a remarkable 24.8% increase. Notable contributors to this growth included annuities exhibiting a 52.8% surge, insurance policies managed by pension fund administrators (AFP), growing by 18.9%, and health insurance, which witnessed a 17.4% increase.
Despite the positive growth in premiums, the industry faced challenges, particularly in the life insurance sector. The total result of operations for the sector was CH$ (-1.49) billion USD, a net profit of CH$ 725.880 million. However, the non-life insurance segment performed well, with a positive technical result of CH$ 57.500 million and a net profit of CH$ 149.660 million.
In terms of market share growth, several competitors stood out. Notably, Consortio Nacional experienced the highest growth with a 3.14% increase, followed by BCI Seguros at 0.74%. Other notable contributors to market share growth included Southbridge (+0.26%), Unnio (+0.19%), and Mapfre (+0.16%).
As of September 2023, MetLife emerged as the leader with 11.7% market share (life and non-life insurance considered). Close contenders included Consortio Nacional (10.8%), Penta (9.5%), Confuturo (6.7%), and BCI Seguros (6.0%). Collectively, other 45 players constituted 55.2% of the market share, emphasizing the diverse nature of the Chilean insurance landscape.
As of September 2023, MetLife emerged as the leader with 11.7% market share (life and non-life insurance considered). Close contenders included Consortio Nacional (10.8%), Penta (9.5%), Confuturo (6.7%), and BCI Seguros (6.0%). Collectively, other 45 players constituted 55.2% of the market share, emphasizing the diverse nature of the Chilean insurance landscape.
