Life Insurance in Chile, Key Trends and Opportunities to 2021

Life Insurance in Chile, Key Trends and Opportunities to 2021


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Executive Summary

Synopsis

Timetric's 'Life Insurance in Chile Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Chilean life insurance segment, and a comparison of the Chilean insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012-2016) and forecast period (2016-2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Chilean economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in Chile Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Chilean life insurance segment, including:

An overview of the Chilean life insurance segment

The Chilean life insurance segment's growth prospects by category

A comprehensive overview of the Chilean economy and demographics

A comparison of the Chilean life insurance segment with its regional counterparts

The various distribution channels in the Chilean life insurance segment

Details of the competitive landscape in the life insurance segment in Chile

Details of regulatory policy applicable to the Chilean insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Chile:

It provides historical values for the Chilean life insurance segment for the report's 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

It offers a detailed analysis of the key categories in the Chilean life insurance segment, and market forecasts to 2021.

It provides a comparison of the Chilean life insurance segment with its regional counterparts

It analyzes the various distribution channels for life insurance products in Chile.

It profiles the top life insurance companies in Chile and outlines the key regulations affecting them.

Reasons to Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Chilean life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Chilean life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Chilean insurance industry, and their impact on companies and the industry's future.

Key Highlights

On February 10, 2017, the government enacted Law No 21,000 that will replace the existing insurance regulator, SVS (Superintendencia de Valores y Seguros) with the Financial Markets Commission (CMF). The transition is expected to be completed by 2017.

New mortality tables for pension policies and insurers offering annuity and disability insurance were introduced with effect from July 1, 2016.

On June 30, 2015, the Superintendencia de Valores y Seguros (SVS) issued new regulations for life insurers and brokers regarding the marketing of investment-linked insurance policies through circular number 2180. The new regulations emphasize the implementation of provisions of the new Code of Commerce, which prohibits insurers from charging customers for surrender or full redemption on policies issued on or after December 2013.

Under the Chilean Law of Income (LIR), individuals investing in life insurance policies are eligible to claim rebates in taxes under the provisions of Article 57.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Active policies

4.2.3 Claims

4.2.4 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Active policies

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Active policies

5.2.3 Penetration

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Metlife Chile Seguros De Vida SA-company overview

7.1.2 Consorcio Nacional de Seguros SA-company overview

7.1.3 Penta Vida Compania de Seguros de Vida SA-company overview

7.1.4 Seguros de Vida Sura SA-company overview

7.1.5 Compania de Seguros Confuturo SA-company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Insurance for motor vehicles accidents

8.4.2 Pension insurance

8.4.3 Health insurance

8.4.4 Workmen's compensation insurance

8.4.5 Professional indemnity insurance for brokers and loss adjusters

8.4.6 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Association of Insurance Supervisors Latin America

8.5.3 Superintendent of Security Markets and Insurance Companies

8.5.4 Insurance Association of Chile

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxations

8.8.2 Withholding taxes on premium paid overseas.

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Category

9.6 Group Life Insurance

9.7 Group Life Insurance by Category

9.8 Linked vs. Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About Timetric

11.1 Contact Timetric

11.2 About Timetric

11.3 Timetric's Services

11.4 Disclaimer

Figure 1: Chile Real GDP (CLP Billion), 2012-2021

Figure 2: CLP-USD Exchange Rate, 2012-2021

Figure 3: Chilean Consumer Price Inflation (%), 2012-2021

Figure 4: Chilean Current Account Balance as Percentage of GDP (%), 2012-2016

Figure 5: Chile Unemployment Rate, 2012-2021

Figure 6: Chile Population by Age Group, 1991-2025

Figure 7: Chilean Life Insurance Penetration-Regional Comparison (%), 2016

Figure 8: Chilean Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2016

Figure 9: Chilean Life Insurance-Gross Written Premium (CLP Billion), 2012-2021

Figure 10: Chilean Life Insurance-Penetration (%), 2012-2021

Figure 11: Chilean Life Insurance-Premium per Capita (CLP), 2012-2021

Figure 12: Chilean Life Insurance-Number of Active Policies (Thousand), 2012-2021

Figure 13: Chilean Life Insurance-Paid Claims (CLP Billion), 2012-2021

Figure 14: Chilean Life Insurance-Total Assets (CLP Billion), 2012-2021

Figure 15: Chilean Life Insurance-Total Investment Income (CLP Billion), 2012-2021

Figure 16: Chilean Life Insurance-Investment Portfolio (CLP Billion), 2012-2021

Figure 17: Chilean Life Insurance-Investment Portfolio Dynamics by Category, 2012-2021

Figure 18: Chilean Life Insurance-Direct Written Premium by Sub-Segment (CLP Billion), 2012-2021

Figure 19: Chilean Life Insurance-Direct Written Premium Share by Sub-Segment, 2012-2021

Figure 20: Chilean Life Insurance-Direct Written Premium Dynamics by Sub-Segment, 2012-2021

Figure 21: Chilean Individual Life Insurance-Direct Written Premium by Category (CLP Billion), 2012-2021

Figure 22: Chilean Individual Life Insurance-Direct Written Premium Share by Category, 2012-2021

Figure 23: Chilean Individual Life Insurance-Direct Written Premium Dynamics by Category, 2012-2021

Figure 24: Chilean Individual Life Insurance-Number of Active Policies by Category (Thousand), 2012-2021

Figure 25: Chilean Individual Life Insurance-Penetration (%), 2012-2016

Figure 26: Chilean Individual Life Insurance-Penetration (%), 2016-2021

Figure 27: Chilean Group Life Insurance-Direct Written Premium by Category (CLP Billion), 2012-2021

Figure 28: Chilean Group Life Insurance-Direct Written Premium Share by Category (CLP Billion), 2012-2021

Figure 29: Chilean Group Life Insurance-Direct Written Premium Dynamics by Category (CLP Billion), 2012-2021

Figure 30: Chilean Group Life Insurance-Number of Active Policies by Category (Thousand), 2012-2021

Figure 31: Chilean Group Life Insurance-Penetration (%), 2012-2016

Figure 32: Chilean Group Life Insurance-Penetration (%), 2016-2021

Figure 33: Chilean Life Segment-Market Shares of Leading Insurers (%), 2016

Figure 34: Chile-Insurance Supervision and Control at Various Levels

Figure 35: Chile-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Chilean Life Insurance-Key Facts, 2016

Table 2: Chilean Life Insurance-Segment Shares of the Top Insurers, 2016

Table 3: Chile Government Credit Ratings

Table 4: Chilean Life Insurance-Gross Written Premium (CLP Billion and USD Billion), 2012-2016

Table 5: Chilean Life Insurance-Penetration (%), 2012-2016

Table 6: Chilean Life Insurance-Gross Written Premium (CLP Billion and USD Billion), 2016-2021

Table 7: Chilean Life Insurance-Penetration (%), 2016-2021

Table 8: Chilean Life Insurance-Premium per Capita (CLP and USD), 2012-2016

Table 9: Chilean Life Insurance-Premium per Capita (CLP and USD), 2016-2021

Table 10: Chilean Life Insurance-Number of Active Policies (Thousand), 2012-2016

Table 11: Chilean Life Insurance-Number of Active Policies (Thousand), 2016-2021

Table 12: Chilean Life Insurance-Paid Claims (CLP Billion and USD Billion), 2012-2016

Table 13: Chilean Life Insurance-Paid Claims (CLP Billion and USD Billion), 2016-2021

Table 14: Chilean Life Insurance-Total Assets (CLP Billion and USD Billion), 2012-2016

Table 15: Chilean Life Insurance-Total Assets (CLP Billion and USD Billion), 2016-2021

Table 16: Chilean Life Insurance-Total Investment Income (CLP Billion and USD Billion), 2012-2016

Table 17: Chilean Life Insurance-Total Investment Income (CLP Billion and USD Billion), 2016-2021

Table 18: Chilean Life Insurance-Investment Portfolio (CLP Billion), 2012-2016

Table 19: Chilean Life Insurance-Investment Portfolio (CLP Billion), 2016-2021

Table 20: Chilean Life Insurance-Direct Written Premium by Sub-Segment (CLP Billion), 2012-2016

Table 21: Chilean Life Insurance-Direct Written Premium by Sub-Segment (CLP Billion), 2016-2021

Table 22: Chilean Individual Life Insurance-Direct Written Premium by Category (CLP Billion), 2012-2016

Table 23: Chilean Individual Life Insurance-Direct Written Premium by Category (CLP Billion), 2016-2021

Table 24: Chilean Individual Life Insurance-Number of Active Policies by Category (Thousand), 2012-2016

Table 25: Chilean Individual Life Insurance-Number of Active Policies Sold by (Thousand), 2016-2021

Table 26: Chilean Group Life Insurance-Direct Written Premium by Category (CLP Billion), 2012-2016

Table 27: Chilean Group Life Insurance-Direct Written Premium by Category (CLP Billion), 2016-2021

Table 28: Chilean Group Life Insurance-Number of Active Policies by Category (Thousand), 2012-2016

Table 29: Chilean Group Life Insurance-Number of Active Policies by Category (Thousand), 2016-2021

Table 30: Chilean Life Segment-Market Shares of Leading Insurers (%), 2016

Table 31: Metlife Chile Seguros De Vida SA-Key Facts

Table 32: Metlife Chile Seguros De Vida SA-Key Financials (CLP Billion), 2012-2016

Table 33: Consorcio Nacional de Seguros SA-Key Facts

Table 34: Consorcio Nacional de Seguros SA-Key Financials (CLP Billion), 2012-2016

Table 35: Penta Vida Compania de Seguros de Vida SA-Key Facts

Table 36: Penta Vida Compania de Seguros de Vida SA-Key Financials (CLP Billion), 2012-2016

Table 37: Seguros de Vida Sura SA-Key Facts

Table 38: Seguros de Vida Sura SA-Key Financials (CLP Billion), 2012-2016

Table 39: Compania de Seguros Confuturo SA-Key Facts

Table 40: Compania de Seguros Confuturo SA-Key Financials (CLP Billion), 2012-2016

Table 41: Chile-Insurance Regulatory Framework Key Features

Table 42: Chile-Life Insurance Regulatory Framework

Table 43: Chile-Property Insurance Regulatory Framework

Table 44: Chile-Motor Insurance Regulatory Framework

Table 45: Chile-Liability Insurance Regulatory Framework

Table 46: Chile-Factors Used for Solvency Margin Calculation

Table 47: Chile-Corporate Tax Rates for the Financial Year 2017

Table 48: Chilean Life Insurance-Policies and Premium, 2012-2016

Table 49: Chilean Life Insurance-Policies and Premium, 2016-2021

Table 50: Chilean Life Insurance-Claims and Expenses, 2012-2016

Table 51: Chilean Life Insurance-Claims and Expenses, 2016-2021

Table 52: Chilean Life Insurance-Assets and Investments, 2012-2016

Table 53: Chilean Life Insurance-Assets and Investments, 2016-2021

Table 54: Chilean Life Insurance-Individual Life Insurance, 2012-2016

Table 55: Chilean Life Insurance-Individual Life Insurance, 2016-2021

Table 56: Chilean Life Insurance-Individual Life Insurance by Product, 2012-2016

Table 57: Chilean Life Insurance-Individual Life Insurance by Product, 2016-2021

Table 58: Chilean Life Insurance-Group Life Insurance, 2012-2016

Table 59: Chilean Life Insurance-Group Life Insurance, 2016-2021

Table 60: Chilean Life Insurance-Group Life Insurance by Product, 2012-2016

Table 61: Chilean Life Insurance-Group Life Insurance by Product, 2016-2021

Table 62: Chilean Life Insurance-Linked vs. Non-Linked Policies, 2012-2016

Table 63: Chilean Life Insurance-Linked vs. Non-Linked Policies, 2016-2021

Table 64: Insurance Industry Definitions

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MetLife Chile Seguros de Vida SA

Consorcio Nacional de Seguros SA

Penta Vida Compania de Seguros de Vida SA

Seguros de Vida Sura SA

Compania de Seguros Confuturo SA

Bice Vida Compania de Seguros SA

Seguros Vida Security Prevision SA

Chilena Consolidada Seguros de Vida SA

Principal Compania de Seguros de Vida Chile SA

EuroAmerica Seguros de Vida SA

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