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Chilean Insurance Industry

Product Type: Market Research Report
Published by: Global Industry Analysts
Published: March 2008
Product Code: R263-3392
Description
The Chilean Insurance Industry Report provides insightful analysis, market overview, industry structure and outlook of life and non-life insurance industries in the country. Richly laden with quantitative analysis, the report provides the reader with a rudimentary preface to the Chilean insurance industry. A synopsized discussion offers preludes to reinsurance and other insurance markets within the non-life insurance sector, such as property, homeowners, motor, accident, fire, liability, and marine aviation & transport (MAT) insurance. The closely summarized Chilean market report is designed to offer a macro level picture of the trends, market structure/basics, regulatory overview, and distribution channel study of the industry. Also provided is a compilation of recent past/ historical perspective of the country’s insurance market and corporate developments within the industry. The report examines the leading companies’ footing in insurance markets at regional level, along with their annual written premiums and/ or market shares.

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Table of Contents
1. Chile at a Glance - Key Facts and Characteristics


2. Insurance Industry Highlights


3. Market Overview


A Recent Past Perspective


Current Scenario


Table 1: Chilean Recent Past, Current & Future Analysis for


Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Billion for the Years 2005 through 2010 (includes


corresponding Graph/Chart)






Table 2: Chilean 6-Year Perspective for Insurance Industry


by Segment - Percentage Breakdown of Premium Income for Life


and Non-Life Markets for 2005, 2007, and 2010 (includes


corresponding Graph/Chart)


Insurance Market Experiences Concentration


A Well Developed Market


BiceCorp Amalgamates La Construccion and Bice Vida - A Key


Corporate Development


Regulatory Overview


Insurance Legislations


Key Changes to Legislations


Regulations for Fronting Policies


Superintendencia de Valoresy Seguros (SVS) - The Regulatory


Body


Non-Admitted Insurance


Compulsory Insurance


Registration and Operational Rules


Taxation Structure


A Study of the Distribution Channels


Going Direct


Bancassurance - Playing a Well-Defined Role


Agencies and Brokerages


Sales Agents


Claims Adjusters


4. Life and Pension Sector


Individual and Group Life Insurance


Consumer Lending by Insurers


Social Security Programs


AFP Insurance


Annuities


Major Players: Life Insurance


Table 3: Chilean Life Insurance Industry (2004): Gross


Written Premium in US$ Million by Leading Companies for ING,


Consorcio, Metlife, Principal, Chilena, La Construccion,


Vida, Penta, Interamericana, and Euroamerica (includes


corresponding Graph/Chart)






Table 4: Top-Five Players in the Life Insurance Industry of


Chile (2003) - Gross Written Premium in US$ Million for


Metlife, Consorcio, Principal, ING, and La Construccion


(includes corresponding Graph/Chart)


5. Non-Life Insurance Sector


Impact of Deregulation


Major Players


Table 5: Chilean Non-Life Insurance Industry (2003): Gross


Written Premium in US$ Million by Leading Companies for Cruz


del Sur, Chilena, MAPFRE Seguros, Interamericana, Royal &


SunAlliance, AGF Allianz, Americas, Magallanes, BCI, and ING


(includes corresponding Graph/Chart)


6. Reinsurance in Chile


Major Trends in the Sector


Requirements for a Reinsurer


Key Reinsurance Types


Treaty Reinsurance


Reinsurance Commissions in Chile by Sector


Catastrophe Reinsurance


Facultative Reinsurance


Reinsurance Commissions in Chile by Sector


Alternative Risk Transfer


7. A Recent Past Perspective of Non-Life Insurance Sector


Table 6: Breakdown of Chilean Non-Life Insurance Market by


Category for 2001 (includes corresponding Graph/Chart)


Key Developments


Pools and Organizations


Motor Insurance


Market Overview


Voluntary Motor Insurance


Table 7: Chilean Premium for Voluntary and SOAP Insurance:


1999-2001 (In CLP Billion) (includes corresponding


Graph/Chart)






Table 8: Percentage Market Share of Motor Insurers in Chile


for 2001 (includes corresponding Graph/Chart)






Table 9: Leading Brokers of Motor Insurance for 2000 (In US$


Million) (includes corresponding Graph/Chart)


SOAP (seguro obligatorio de accidentespersonales)


Legal Trends


Perspective of Distribution Channels


Natural Hazard Cover


Earthquakes


Table 10: Major Earthquakes in Chile During the 20th


Century (Damages in US$ Million)


Floods


Other Hazards


Property Coverage


Table 11: Premium Written for Chilean Property Insurance:


1999-2001 (In US$ Million) (includes corresponding


Graph/Chart)


Homeowners’ Cover


An Overview


Coverage Scope


Cover for Social Hazards


Terrorism


Burglary & Theft


Riots and Strikes


Commercial and Industrial Insurance


An Overview


Leading Chilean Companies: 2000


Fire Cover


Table 12: Percentage Market Share of Chilean Fire Insurers


by Company for 2001 (includes corresponding Graph/Chart)






Table 13: Major Brokers for Fire Insurance in Chile for 2001


(In US$ Million) (includes corresponding Graph/Chart)


Business Interruption


Package Plans


Reinsurance Perspective


Engineering and Construction


Table 14: Percentage Market Share of Construction &


Engineering Insurers in Chile for 2001 (includes


corresponding Graph/Chart)


Machinery Breakdown


Table 15: Percentage Share of Chilean Machinery Breakdown


Insurers for 2001 (includes corresponding Graph/Chart)






Table 16: Percentage Share of Chilean Electronic Breakdown


Insurers for 2001 (includes corresponding Graph/Chart)


Workmen’s Compensation and Employers’ Liability


A Brief Profile


Coverage Patterns


Table 17: Chilean Insurance Industry (2001): Percentage


Break-up of Workforce Accident by Industry (includes


corresponding Graph/Chart)


Third Party Liability


Products Liability


General Third Party Liability


Table 18: Leading General Third Party Insurers in Chile for


2001: Percentage Market Share by Company (includes


corresponding Graph/Chart)


D & O Liability


Professional Indemnity


Pollution and Environmental Liability


Multinational Insurance


Agricultural Insurance


Table 19: Gross Written Premium in CLP Billion for Chilean


Agriculture Sector (2000 & 2001)


Livestock Insurance


Surety, Credits & Bonds


Table 20: Leading Bond Insurers in Chile for 2001:


Percentage Market Share by Company (includes corresponding


Graph/Chart)






Table 21: Credit Insurers in Chile for 2001: Percentage


Market Share by Company (includes corresponding Graph/Chart)


Construction and Other Bonds


Export and Domestic Trade Credit


Aviation, Marine and Transit


Market Highlights


Table 22: Premium Written: 1999-2001 (In CLP Billion)


(includes corresponding Graph/Chart)


Marine Cargo


Key Trends


Table 23: Premium Written: 1999-2001 (In CLP Billion)


(includes corresponding Graph/Chart)






Table 24: Leading Marine Cargo Insurers in Chile for 2001:


Percentage Market Share by Company (includes corresponding


Graph/Chart)


Potential Hazards


Coverage Scope


Table 25: Leading Marine Cargo Brokers in Chile: 2000 (In


US$ Million) (includes corresponding Graph/Chart)


Marine Hull


Table 26: Percentage Share of Marine Hull Insurers in Chile


for 2001 (includes corresponding Graph/Chart)


An Overview of Risks


Brokers Dominate Distribution


Table 27: Leading Brokers for Marine Hull Insurance in


Chile: 2000 (In US$ Million) (includes corresponding


Graph/Chart)


Oil and Energy Cover


Natural Gas


Electricity


Aviation


Table 28: Gross Premium Written: 1999-2001 (In CLP Billion)


(includes corresponding Graph/Chart)


Key Aviation Insurers


Other Related Sectors


Other Major Categories


E-Insurance


Kidnap and Ransom


Financial Risks


Personal Accident


Coverage Scope


Table 29: Total Gross Premium Written for 1999-2001 in CLP


Billion (includes corresponding Graph/Chart)






Table 30: Leading Personal Accident Insurers in Chile for


2001: Market Share by Company (includes corresponding


Graph/Chart)


Travel Insurance


Reinsurance


Table 31: Chilean Reinsurance Market for 1999-2001: Premium


and Claims Ceded in CLP Billion (includes corresponding


Graph/Chart)






Table 32: Major Reinsurance Brokers in Chile for 2001 by


Percentage of Premiums Ceded (includes corresponding


Graph/Chart)


8. Recent Industry Activity


Grupo Security Carries Out Merger of Vida Security and Rentas Security


Willis Acquires Chilean MGT


Seguros Divests its Annuity Business


9. Strategic Corporate Development in Recent Past


MetLife Acquires Seguros de Vida Santander and Soince Reinsurance






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