Intermediated insurance premiums (Life and non-Life)
Chile witnessed a substantial growth in the volume of premiums intermediated across different coverage types in 2022. The non-life sector exhibited a remarkable 24% increase, with premiums reaching CH$ 4,08 billion, while the life insurance segment experienced a 16% growth, amounting to CH$ 1,62 billion million. The overall insurance market demonstrated a robust 21% increase, totaling 5,7 billion Chilean Pesos.
Breaking down the annual variation in the volume of intermediated premiums by channel, Brokers led the way with a 24% increase, closely followed by Insurance Agents at 20% and Bancassurance at 19%. Retail also contributed significantly, registering a growth rate of 11%. The total general variation across all channels stood at an impressive 21%.
A handful of intermediaries emerged as frontrunners in terms of market share gains. Lockton Chile secured the top position, gaining 0.97% in market share, followed closely by Itau Corredores with 0.96%. Aon Risk Services, Bancoestado Corredores, and Arthur J. Gallagher Corredores also made significant strides, each securing notable increases in market share.
In the competitive landscape of intermediaries, Marsh emerged as the leader with an impressive 11.5% market share. Santander Corredora and Banchile Corredores followed closely with 6.8% and 6.5%, respectively. Willis Towers Watson and Bancoestado Corredores rounded up the top five with 5.4% and 5.3%, respectively.
Breaking down the annual variation in the volume of intermediated premiums by channel, Brokers led the way with a 24% increase, closely followed by Insurance Agents at 20% and Bancassurance at 19%. Retail also contributed significantly, registering a growth rate of 11%. The total general variation across all channels stood at an impressive 21%.
A handful of intermediaries emerged as frontrunners in terms of market share gains. Lockton Chile secured the top position, gaining 0.97% in market share, followed closely by Itau Corredores with 0.96%. Aon Risk Services, Bancoestado Corredores, and Arthur J. Gallagher Corredores also made significant strides, each securing notable increases in market share.
In the competitive landscape of intermediaries, Marsh emerged as the leader with an impressive 11.5% market share. Santander Corredora and Banchile Corredores followed closely with 6.8% and 6.5%, respectively. Willis Towers Watson and Bancoestado Corredores rounded up the top five with 5.4% and 5.3%, respectively.
Together, these leaders commanded a substantial 35.5% of the market share, highlighting their significant influence. The remaining competitors, consisting of over 2400 intermediaries, of which 300 had an annual volume exceeding 0.1% market share, accounted for the remaining 64.5% of the market.
