The Bancassurance industry in Chile has shown significant growth and resilience over the past year, as evidenced by the latest data available as of December 2023. In terms of premiums intermediated in the non-life insurance sector, Bancassurance led with an impressive 1.19 trillion Chilean pesos, vastly outpacing retailers who managed only 191 billion pesos. This dominance is further reflected in the life insurance sector, where Bancassurance intermediated 828 billion pesos compared to 99 billion pesos by retailers, contributing to a total intermediated premium of 2.307 trillion pesos for the year.
Analyzing the year-over-year nominal variation, Bancassurance displayed robust growth across both sectors. Non-life premiums saw an 8.7% increase, while life premiums surged by 9.7%. In stark contrast, retailers experienced declines in both areas, with non-life premiums decreasing by 1.1% and life premiums by 0.3%. Overall, the total market experienced a healthy 7.7% growth.
In terms of intermediation commissions, Bancassurance again led the charge with commissions totaling 325.9 billion pesos, whereas retailers accumulated around 47.3 billion pesos, leading to a combined total of 373.2 billion pesos in commissions for the market.
Market leadership in the volume of intermediated premiums (both life and non-life) was concentrated among three major players. BANCHILE captured the largest market share at 18.2%, followed closely by BANCOESTADO at 17.3%, and SANTANDER at 16.2%. Collectively, these three leaders managed 51.6% of the market, highlighting their significant influence and competitive edge.
Growth in market share also presented notable trends. BANCOESTADO emerged as the leader in market share growth, gaining 3 percentage points. BANCHILE and SCOTIA followed, with increases of 1.06 and 1.04 percentage points, respectively. BICE and CAT also saw gains of 0.15 and 0.14 percentage points, respectively, rounding out the top five competitors by market share growth.
