As of June 2024, the insurance market in Chile has shown notable growth, with direct premiums issued reaching a total volume of CH$ 6.8 billion. This represents a nominal year-over-year increase of 6.4%, reflecting the ongoing expansion of the industry despite various challenges.
In the non-life insurance sector, direct premiums issued amounted to CH$ 2.4 billion. The final result for this segment was CH$ 141 million pesos, supported by a technical result of CH$ 78 million. However, claims in this sector were significant, totaling CH$ 903 million, highlighting the impact of claims on the overall performance of non-life insurance.
The life insurance sector, which forms a larger portion of the market, saw direct premiums issued totaling CH$ 4.5 billion. The final result in this segmentr was CH$ 422 million, despite a negative technical result of CH$ (-1203) million. Claims in the life insurance segment were particularly high, amounting to CH$ 4.7 billion pesos, which significantly influenced the overall performance.
When combining both life and non-life insurance segments, the total direct premiums issued were CH$ 6.8 billion. The combined final result was CH$ 563 million, with an overall negative technical result of CH$ (-1.125) million. Total claims across both sectors amounted to CH$ 5.6 billion, underscoring the substantial impact of claims on the market's financial outcomes.
Market share growth ranking - Life / non-Life
Insurer´s performance overview - Q2.2024 financial statements
In the life insurance sector, the top three insurers by market share in direct premiums issued were METLIFE, with 18.1%, CONSORCIO NACIONAL, closely following with 18.0%, and PENTA with 14.2%. These companies continue to dominate the life insurance market in Chile, maintaining significant shares.
In the non-life insurance sector, BCI SEGUROS led with a market share of 12.3% in direct premiums issued, followed by SURAMERICANA with 12.1%, and HDI / HELP with 11.0%. These companies are the major players in the non-life insurance market, holding strong positions.
Regarding market share growth in the life insurance sector, CONSORCIO NACIONAL experienced the most substantial increase, gaining 7.67 percentage points. SURA followed with a gain of 0.79 percentage points, BNP PARIBAS CARDIF with 0.51 percentage points, EUROAMÉRICA with 0.47 percentage points, and CÁMARA with 0.31 percentage points. These gains indicate significant shifts in the competitive landscape of the life insurance sector.
In the non-life insurance sector, ZURICH SANTANDER recorded the highest growth in market share, with an increase of 2.05 percentage points. EVEREST GENERALES followed with a gain of 0.91 percentage points, STARR INTERNATIONAL with 0.78 percentage points, BCI SEGUROS with 0.70 percentage points, and BNP PARIBAS CARDIF with 0.63 percentage points. These companies have been the most successful in expanding their market presence in the non-life insurance market.
Top20 insurers with the most direct premiums (Life & non-Life)
