Non-Life Insurance in Chile, Key Trends and Opportunities to 2020

Non-Life Insurance in Chile, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Non-Life Insurance in Chile, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Chilean non-life insurance segment, and a comparison of the Chilean insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Chilean economy and demographics, explains the various types of natural hazard and their impact on the Chilean insurance industry, 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 'Non-Life Insurance in Chile, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Chilean non-life insurance segment, including:

The Chilean non-life segment's detailed outlook by product category

A comprehensive overview of the Chilean economy and demographics

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

The various distribution channels in the Chilean non-life insurance segment

Detailed analysis of natural hazards and their impact on the Chilean insurance industry

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

Details of regulatory policy applicable to the Chilean insurance industry

Scope

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

It provides historical values for the Chilean non-life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Chilean non-life insurance segment, and market forecasts to 2020.

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

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

It analyzes various natural and man-made hazards and their impact on the Chilean insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

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

Assess the competitive dynamics in the non-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

Non-life insurance penetration stood at 1.3% in 2015, the fifth-largest in the South American region.

Property insurance was the largest category, in terms of gross written premium, and accounted for 63.9% of the non-life gross written premium in 2015.

Bancassurance is a popular distribution channel for non-life insurers in Chile.

The Chilean non-life segment is highly concentrated, with the 10 leading insurers accounting for 91.0% of the segment's gross written premium in 2015.



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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 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

7 Natural and Man-Made Hazards

7.1 Flooding

7.2 Earthquakes

7.3 Wildfires

7.4 Volcanoes

7.5 Man-Made Disasters

7.6 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 RSA Seguros Chile SA-company overview

8.1.2 Mapfre Compania de Seguros Generales de Chile SA-company overview

8.1.3 BCI Seguros Generales SA-company overview

8.1.4 Compania de Seguros Generales Penta Security SA-company overview

8.1.5 Aseguradora Magallanes SA-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Insurance for motor vehicles accidents

9.4.2 Pension insurance

9.4.3 Health insurance

9.4.4 Workmen's compensation insurance

9.4.5 Professional indemnity insurance for insurance and reinsurance brokers and loss adjusters

9.4.6 Liability for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Association of Insurance Supervisors Latin America

9.5.3 Superintendent of Security Markets and Insurance Companies

9.5.4 Insurance Association of Chile

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxations

9.8.2 Withholding taxes on premium paid overseas.

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Motor Insurance by Product

10.8 Liability Insurance

10.9 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

Figure 1: Chilean Real GDP (CLP Trillion), 2011-2020

Figure 2: CLP-US$ Exchange Rate, 2011-2020

Figure 3: Chilean Consumer Price Inflation (%),2011-2020

Figure 4: Chilean Current Account Balance as Percentage of GDP (%), 2011-2020

Figure 5: Chilean Unemployment Rate, 2011-2020

Figure 6: Chilean Population by Age Group, 1990-2025

Figure 7: Chilean Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Chilean Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Chilean Non-Life Insurance-Gross Written Premium (CLP Trillion), 2011-2020

Figure 10: Chilean Non-Life Insurance-Penetration (%), 2011-2020

Figure 11: Chilean Non-Life Insurance-Premium per Capita (CLP), 2011-2020

Figure 12: Chilean Non-Life Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 13: Chilean Non-Life Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 14: Chilean Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 15: Chilean Non-Life Insurance-Total Assets (CLP Billion), 2011-2020

Figure 16: Chilean Non-Life Insurance-Total Investment Income (CLP Billion), 2011-2020

Figure 17: Chilean Non-Life Insurance-Investment Portfolio (CLP Billion), 2011-2020

Figure 18: Chilean Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 19: Chilean Non-Life Insurance-Direct Written Premium by Category (CLP Billion), 2011-2020

Figure 20: Chilean Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 21: Chilean Property Insurance-Construction Value Output by Category (CLP Trillion), 2011-2016

Figure 22: Chilean Property Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2011-2020

Figure 23: Chilean Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 24: Chilean Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 25: Chilean Property Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 26: Chilean Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2011-2020

Figure 27: Chilean Motor Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2011-2020

Figure 28: Chilean Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 29: Chilean Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 30: Chilean Motor Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 31: Chilean Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2011-2020

Figure 32: Chilean Liability Insurance-Direct Written Premium (CLP Billion), 2011-2020

Figure 33: Chilean Liability Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 34: Chilean Liability Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 35: Chilean Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2011-2020

Figure 36: Chilean Marine, Aviation and Transit Insurance-Imports and Exports (CLP Trillion), 2011-2015

Figure 37: Chilean Marine, Aviation and Transit Insurance-Direct Written Premium (CLP Billion), 2011-2020

Figure 38: Chilean Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 39: Chilean Marine, Aviation and Transit Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 40: Chilean Marine, Aviation and Transit Insurance-Earned Premium and Loss Ratio (CLP Billion and %), 2011-2020

Figure 41: Chilean-Frequency of Hazards by Type, 1990-2014

Figure 42: Chilean Mortality by Hazards Type, 1990-2014

Figure 43: Chilean Economic Loss by Hazards Type, 1990-2014

Figure 44: Chilean Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 45: Chile-Insurance Supervision and Control at Various Levels

Figure 46: Chile-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Chilean Non-Life Insurance-Key Facts, 2015

Table 2: Chilean Non-Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Chilean Government Credit Ratings

Table 4: Chilean Non-Life Insurance-Gross Written Premium (CLP Trillion and US$ Billion), 2011-2015

Table 5: Chilean Non-Life Insurance-Penetration (%), 2011-2015

Table 6: Chilean Non-Life Insurance-Gross Written Premium (CLP Trillion and US$ Billion), 2015-2020

Table 7: Chilean Non-Life Insurance-Penetration (%), 2015-2020

Table 8: Chilean Non-Life Insurance-Premium per Capita (CLP and US$), 2011-2015

Table 9: Chilean Non-Life Insurance-Premium per Capita (CLP and US$), 2015-2020

Table 10: Chilean Non-Life Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 11: Chilean Non-Life Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 12: Chilean Non-Life Insurance-Paid Claims (CLP Billion and US$ Million), 2011-2015

Table 13: Chilean Non-Life Insurance-Paid Claims (CLP Billion and US$ Million), 2015-2020

Table 14: Chilean Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 15: Chilean Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 16: Chilean Non-Life Insurance-Total Assets (CLP Billion and US$ Billion), 2011-2015

Table 17: Chilean Non-Life Insurance-Total Assets (CLP Billion and US$ Billion), 2015-2020

Table 18: Chilean Non-Life Insurance-Total Investment Income (CLP Billion and US$ Million), 2011-2015

Table 19: Chilean Non-Life Insurance-Total Investment Income (CLP Billion and US$ Million), 2015-2020

Table 20: Chilean Non-Life Insurance-Investment Portfolio (CLP Billion), 2011-2015

Table 21: Chilean Non-Life Insurance-Investment Portfolio (CLP Billion), 2015-2020

Table 22: Chilean Non-Life Insurance-Direct Written Premium by Category (CLP Billion), 2011-2015

Table 23: Chilean Non-Life Insurance-Direct Written Premium by Category (CLP Billion), 2015-2020

Table 24: Chilean Property Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2011-2015

Table 25: Chilean Property Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2015-2020

Table 26: Chilean Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2015

Table 27: Chilean Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2015-2020

Table 28: Chilean Property Insurance-Paid Claims (CLP Billion and US$ Million), 2011-2015

Table 29: Chilean Property Insurance-Paid Claims (CLP Billion and US$ Million), 2015-2020

Table 30: Chilean Property Insurance-Loss Ratio (%), 2011-2015

Table 31: Chilean Property Insurance-Loss Ratio (%), 2015-2020

Table 32: Chilean Motor Insurance-Road Accidents, 2011-2015

Table 33: Chilean Motor Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2011-2015

Table 34: Chilean Motor Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2015-2020

Table 35: Chilean Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2015

Table 36: Chilean Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2015-2020

Table 37: Chilean Motor Insurance-Paid Claims (CLP Billion and US$ Million), 2011-2015

Table 38: Chilean Motor Insurance-Paid Claims (CLP Billion and US$ Million), 2015-2020

Table 39: Chilean Motor Insurance-Loss Ratio (%), 2011-2015

Table 40: Chilean Motor Insurance-Loss Ratio (%), 2015-2020

Table 41: Chilean Liability Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2011-2015

Table 42: Chilean Liability Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2015-2020

Table 43: Chilean Liability Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 44: Chilean Liability Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 45: Chilean Liability Insurance-Paid Claims (CLP Billion and US$ Million), 2011-2015

Table 46: Chilean Liability Insurance-Paid Claims (CLP Billion and US$ Million), 2015-2020

Table 47: Chilean Liability Insurance-Loss Ratio (%), 2011-2015

Table 48: Chilean Liability Insurance-Loss Ratio (%), 2015-2020

Table 49: Chilean Transport Network-Global Rankings

Table 50: Chilean Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2011-2015

Table 51: Chilean Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2015-2020

Table 52: Chilean Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 53: Chilean Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 54: Chilean Marine, Aviation and Transit Insurance-Paid Claims (CLP Billion and US$ Billion), 2011-2015

Table 55: Chilean Marine, Aviation and Transit Insurance-Paid Claims (CLP Billion and US$ Billion), 2015-2020

Table 56: Chilean Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 57: Chilean Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 58: Chilean Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Table 59: RSA Seguros Chile SA-Key Facts

Table 60: RSA Seguros Chile SA-Key Financials (CLP Million), 2011-2015

Table 61: Mapfre Compania de Seguros Generales de Chile SA-Key Facts

Table 62: Mapfre Compania de Seguros Generales de Chile SA-Key Financials (CLP Million), 2011-2015

Table 63: BCI Seguros Generales SA-Key Facts

Table 64: BCI Seguros Generales SA-Key Financials (CLP Billion), 2011-2015

Table 65: Compania de Seguros Generales Penta Security SA-Key Facts

Table 66: Compania de Seguros Generales Penta Security SA-Key Financials (CLP Million), 2011-2015

Table 67: Aseguradora Magallanes SA-Key Facts

Table 68: Aseguradora Magallanes SA-Key Financials (CLP Million), 2011-2015

Table 69: Chile-Insurance Regulatory Framework Key Features

Table 70: Chile-Life Insurance Regulatory Framework

Table 71: Chile-Property Insurance Regulatory Framework

Table 72: Chile-Motor Insurance Regulatory Framework

Table 73: Chile-Liability Insurance Regulatory Framework

Table 74: Chile-Factors Used for Solvency Margin Calculation

Table 75: Chile-Corporate Tax Rates for the Financial Year 2016

Table 76: Chilean Insurance Industry-Policies and Premium, 2011-2015

Table 77: Chilean Insurance Industry-Policies and Premium, 2015-2020

Table 78: Chilean Non-Life Insurance-Claims and Expenses, 2011-2015

Table 79: Chilean Non-Life Insurance-Claims and Expenses, 2015-2020

Table 80: Chilean Non-Life Insurance-Assets and Investments, 2011-2015

Table 81: Chilean Non-Life Insurance-Assets and Investments, 2015-2020

Table 82: Chilean Non-Life Insurance-Property Insurance, 2011-2015

Table 83: Chilean Non-Life Insurance-Property Insurance, 2015-2020

Table 84: Chilean Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 85: Chilean Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 86: Chilean Non-Life Insurance-Motor Insurance, 2011-2015

Table 87: Chilean Non-Life Insurance-Motor Insurance, 2015-2020

Table 88: Chilean Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 89: Chilean Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 90: Chilean Non-Life Insurance-Liability Insurance, 2011-2015

Table 91: Chilean Non-Life Insurance-Liability Insurance, 2015-2020

Table 92: Chilean Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 93: Chilean Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 94: Insurance Industry Definitions

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RSA Seguros Chile SA, Mapfre Compania de Seguros Generales de Chile SA, BCI Seguros Generales SA, Compania de Seguros Generales Penta Security SA, Aseguradora Magallanes SA, BNP Paribas Cardif Seguros Generales SA, Liberty Compania de Seguros Generales SA, ACE Seguros SA, Chilena Consolidada Seguros Generales SA, AIG Chile Compania de Seguros Generales SA,

Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Agencies, Insurance brokers, Direct marketing, Natural hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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