Personal Accident and Health Insurance in Chile, Key Trends and Opportunities to 2020

Personal Accident and Health Insurance in Chile, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Personal Accident and Health Insurance in Chile, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Chilean personal accident and health 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, 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, 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 'Personal Accident and Health Insurance in Chile, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Chilean personal accident and health insurance segment, including:

An overview of the Chilean personal accident and health insurance segment

The Chilean personal accident and health insurance segment's growth prospects by category

A comprehensive overview of the Chilean economy and demographics

A comparison of the Chilean personal accident and health insurance segment with its regional counterparts

The various distribution channels in the Chilean personal accident and health insurance segment

Details of the competitive landscape in the personal accident and health insurance segment in Chile

Details of regulatory policy applicable to the Chilean insurance industry

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Chile:

It provides historical values for the Chilean personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.

It provides a comparison of the Chilean personal accident and health insurance segment with its regional counterparts

It provides an overview of the various distribution channels for personal accident and health insurance products in Chile.

It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

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

Assess the competitive dynamics in the personal accident and health 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

Personal accident and health was the smallest segment in the Chilean insurance industry in 2015, accounting for 10.0% of the industry's direct written premium.

Chile has a dual healthcare system, which was created by the Sistema Nacional de Servicios de Salud (SNSS).

Personal accident and health insurers in Chile use a combination of brokers, agencies, bancassurance and direct marketing to distribute their products..

The segment is competitive, with the presence of both domestic and foreign insurers.



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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 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies

5.1.3 Claims

5.1.4 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.2.3 Claims

5.2.4 Profitability

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Policies

5.3.3 Claims

5.3.4 Profitability

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 Bice Vida Compania de Seguros SA-company overview

7.1.4 Chilena Consolidada Seguros de Vida SA-company overview

7.1.5 Seguros de Vida Sura SA-company overview

7.1.6 RSA Seguros Chile SA-company overview

7.1.7 BCI Seguros Generales SA-company overview

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

7.1.9 Compania de Seguros Generales Penta Security SA-company overview

7.1.10 Liberty Compania de Seguros Generales 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 insurance and reinsurance 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

9.1.1 Claims and expenses

9.1.2 Assets and investments

9.1.3 Personal accident insurance

9.1.4 Health insurance

9.1.5 Health insurance by product

9.1.6 Travel insurance

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: 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 Personal Accident and Health Insurance Penetration-Regional Comparison (%), 2015

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

Figure 9: Chilean Personal Accident and Health Insurance-Gross Written Premium (CLP Billion), 2011-2020

Figure 10: Chilean Personal Accident and Health Insurance-Penetration (%), 2011-2020

Figure 11: Chilean Personal Accident and Health Insurance-Premium per Capita (CLP), 2011-2020

Figure 12: Chilean Personal Accident and Health Insurance-Number of Policies Sold (Million), 2011-2020

Figure 13: Chilean Personal Accident and Health Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 14: Chilean Personal Accident and Health Insurance-Profitability Ratio (%), 2011-2020

Figure 15: Chilean Personal Accident and Health Insurance-Total Assets (CLP Trillion), 2011-2020

Figure 16: Chilean Personal Accident and Health Insurance-Total Investment Income (CLP Billion), 2011-2020

Figure 17: Chilean Personal Accident and Health Insurance-Investment Portfolio (CLP Billion), 2011-2020

Figure 18: Chilean Personal Accident and Health Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 19: Chilean Personal Accident and Health Insurance-Direct Written Premium by Category (CLP Billion), 2011-2020

Figure 20: Chilean Personal Accident and Health Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 21: Chilean Personal Accident Insurance-Direct Written Premium (CLP Billion), 2011-2020

Figure 22: Chilean Personal Accident Insurance-Number of Policies Sold (Million), 2011-2020

Figure 23: Chilean Personal Accident Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 24: Chilean Personal Accident Insurance-Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2011-2020

Figure 25: Chilean Health Insurance-Direct Written Premium by Sub-Category (CLP Billion), 2011-2020

Figure 26: Chilean Health Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 27: Chilean Health Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 28: Chilean Health Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 29: Chilean Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2011-2020

Figure 30: Chilean Travel Insurance-Direct Written Premium (CLP Billion), 2011-2020

Figure 31: Chilean Travel Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 32: Chilean Travel Insurance-Paid Claims (CLP Billion), 2011-2020

Figure 33: Chilean Travel Insurance-Earned Premium, Incurred Loss and Loss Ratio (CLP Billion and %), 2011-2020

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

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

Table 1: Chilean Personal Accident and Health Insurance-Key Facts, 2015

Table 2: Chilean Personal Accident and Health Insurance-Top Insurers, 2015

Table 3: Chilean Government Credit Ratings

Table 4: Chilean Motor Insurance-Road Accidents, 2011-2015

Table 5: Chilean Personal Accident and Health Insurance-Gross Written Premium (CLP Billion and US$ Million), 2011-2015

Table 6: Chilean Personal Accident and Health Insurance-Penetration (%), 2011-2015

Table 7: Chilean Personal Accident and Health Insurance-Gross Written Premium (CLP Billion and US$ Million), 2015-2020

Table 8: Chilean Personal Accident and Health Insurance-Penetration (%), 2015-2020

Table 9: Chilean Personal Accident and Health Insurance-Premium per Capita (CLP and US$), 2011-2015

Table 10: Chilean Personal Accident and Health Insurance-Premium per Capita (CLP and US$), 2015-2020

Table 11: Chilean Personal Accident and Health Insurance-Number of Policies Sold (Million), 2011-2015

Table 12: Chilean Personal Accident and Health Insurance-Number of Policies Sold (Million), 2015-2020

Table 13: Chilean Personal Accident and Health Insurance-Paid Claims (CLP Billion and US$ Million), 2011-2015

Table 14: Chilean Personal Accident and Health Insurance-Paid Claims (CLP Billion and US$ Million), 2015-2020

Table 15: Chilean Personal Accident and Health Insurance-Profitability Ratio (%), 2011-2015

Table 16: Chilean Personal Accident and Health Insurance-Profitability Ratio (%), 2015-2020

Table 17: Chilean Personal Accident and Health Insurance-Total Assets (CLP Trillion and US$ Billion), 2011-2015

Table 18: Chilean Personal Accident and Health Insurance-Total Assets (CLP Trillion and US$ Billion), 2015-2020

Table 19: Chilean Personal Accident and Health Insurance-Total Investment Income (CLP Billion and US$ Million), 2011-2015

Table 20: Chilean Personal Accident and Health Insurance-Total Investment Income (CLP Billion and US$ Million), 2015-2020

Table 21: Chilean Personal Accident and Health Insurance-Investment Portfolio (CLP Billion), 2011-2015

Table 22: Chilean Personal Accident and Health Insurance-Investment Portfolio (CLP Billion), 2015-2020

Table 23: Chilean Personal Accident and Health Insurance-Direct Written Premium by Category (CLP Billion), 2011-2015

Table 24: Chilean Personal Accident and Health Insurance-Direct Written Premium by Category (CLP Billion), 2015-2020

Table 25: Chilean Personal Accident Insurance-Direct Written Premium (CLP Billion and US$ Million), 2011-2015

Table 26: Chilean Personal Accident Insurance-Direct Written Premium (CLP Billion and US$ Million), 2015-2020

Table 27: Chilean Personal Accident Insurance-Number of Policies Sold (Million), 2011-2015

Table 28: Chilean Personal Accident Insurance-Number of Policies Sold (Million), 2015-2020

Table 29: Chilean Personal Accident Insurance-Paid Claims (CLP Billion and US$ Million), 2011-2015

Table 30: Chilean Personal Accident Insurance-Paid Claims (CLP Billion and US$ Million), 2015-2020

Table 31: Chilean Personal Accident Insurance-Loss Ratio (%), 2011-2015

Table 32: Chilean Personal Accident Insurance-Loss Ratio (%), 2015-2020

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

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

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

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

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

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

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

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

Table 41: Chilean Travel Insurance-Direct Written Premium (CLP Billion), 2011-2015

Table 42: Chilean Travel Insurance-Direct Written Premium (CLP Billion), 2015-2020

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

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

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

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

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

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

Table 49: Chilean Personal Accident and Health Insurance Industry-Top Insurers, 2015

Table 50: Metlife Chile Seguros De Vida SA-Key Facts

Table 51: Consorcio Nacional de Seguros SA-Key Facts

Table 52: Bice Vida Compania de Seguros SA-Key Facts

Table 53: Chilena Consolidada Seguros de Vida SA-Key Facts

Table 54: Seguros de Vida Sura SA-Key Facts

Table 55: RSA Seguros Chile SA-Key Facts

Table 56: BCI Seguros Generales SA-Key Facts

Table 57: Mapfre Compania de Seguros Generales de Chile SA-Key Facts

Table 58: Compania de Seguros Generales Penta Security SA-Key Facts

Table 59: Liberty Compania de Seguros Generales SA-Key Facts

Table 60: Chile-Insurance Regulatory Framework Key Features

Table 61: Chile-Life Insurance Regulatory Framework

Table 62: Chile-Property Insurance Regulatory Framework

Table 63: Chile-Motor Insurance Regulatory Framework

Table 64: Chile-Liability Insurance Regulatory Framework

Table 65: Chile-Factors Used for Solvency Margin Calculation

Table 66: Chile-Corporate Tax Rates for the Financial Year 2016

Table 67: Chilean Personal Accident and Health Insurance Industry-Policies and Premium, 2011-2015

Table 68: Chilean Personal Accident and Health Insurance Industry-Policies and Premium, 2015-2020

Table 69: Chilean Personal Accident and Health Insurance-Claims and Expenses, 2011-2015

Table 70: Chilean Personal Accident and Health Insurance-Claims and Expenses, 2015-2020

Table 71: Chilean Personal Accident and Health Insurance-Assets and Investments, 2011-2015

Table 72: Chilean Personal Accident and Health Insurance-Assets and Investments, 2015-2020

Table 73: Chilean Personal Accident and Health Insurance-Personal Accident Insurance, 2011-2015

Table 74: Chilean Personal Accident and Health Insurance-Personal Accident Insurance, 2015-2020

Table 75: Chilean Personal Accident and Health Insurance-Health Insurance, 2011-2015

Table 76: Chilean Personal Accident and Health Insurance-Health Insurance, 2015-2020

Table 77: Chilean Personal Accident and Health Insurance-Health by Product, 2011-2015

Table 78: Chilean Personal Accident and Health Insurance-Health by Product, 2015-2020

Table 79: Chilean Personal Accident and Health Insurance-Travel Insurance, 2011-2015

Table 80: Chilean Personal Accident and Health Insurance-Travel Insurance, 2015-2020

Table 81: Insurance Industry Definitions

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MetLife Chile Seguros de Vida SA, Consorcio Nacional de Seguros SA, Bice Vida Compania de Seguros SA, Chilena Consolidada Seguros de Vida SA, Seguros de Vida Sura SA, RSA Seguros Chile SA, BCI Seguros Generales SA, Mapfre Compania de Seguros Generales de Chile SA, Compania de Seguros Generales Penta Security SA, Liberty Compania de Seguros Generales SA,

Personal accident insurance, Health insurance, Travel insurance, Economy and Demographics, Distribution channels, Agencies, Insurance brokers, Direct marketing, Bancassurance, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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