Newsletter: Free reports downloads and rankings. Subscribe today.

INSURANCE BROKERS AND BANCASSURANCE IN CHILE


Bancassurance and Retail insurance premiums
   
Bancassurance and Retail insurance premiums
   
Bancassurance and retail brokers insurance premiums in CH$ (Y-o-Y%)
    
Bancassurance and retail brokers commissions in CH$ (Y-o-Y%)
    
Bancassurance and retail brokers commissions (average %)
    
Bancassurance commissions (average %)
    
Retail brokers commissions (average %)
    
Q2.2023 Market Overview

The evolution of the retail insurance brokers and bancassurance operators market in Chile demonstrates a nominal annual growth of 2.6% in the volume of intermediated premiums. Non-life insurance has been the driver behind the growth in the intermediation of bancassurance brokers, with a 9.2% year-on-year increase in volume as of the close of June 2023. Concurrently, life insurance retreated by 3% in bancassurance and 2.5% in retail brokers.

In terms of market size, the total intermediated volume at the close of June 2023 reached CH$1,075 billion, distributed as CH$632 billion in property damage coverage and CH$442 billion in life coverage. Analyzing by broker type, 86% corresponds to bancassurance, while the remaining 14% has been intermediated by retailers.

Intermediation commissions show a decrease as of June 2023 compared to June 2022. The average level of commissions on intermediated premiums was 16.9%, whereas the previous year's average was 17.3%. This decline has been primarily explained by a reduction in the average level of commissions in bancassurance, dropping from an average of 17.5% in June 2022 to 17% in June 2023. Meanwhile, the average level of commissions for retail brokers remained stable at 15.9%.

The top five brokers by intermediated volume intensified their clear leadership, and as of June 2023, BANCHILE, BANCOESTADO, SANTANDER, FALABELLA, and BCI collectively manage 75% of the volume intermediated by brokers (compared to 71% the previous year). Regarding the ranking of competitors with the highest year-on-year growth in market share, BANCOESTADO takes the first place with an advance of 4.51 percentage points of market share, followed by BANCHILE with a growth of 1.08 points. SCOTIA, CONSORCIO, and BICE complete the group of the top five competitors leading in the growth of their market share in the analyzed period.
  
Base de datos de Excel
Download statistics