Non-Life Insurance in Chile, Key Trends and Opportunities to 2021

Published: Oct, 2017 | Pages: 141 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Non-Life Insurance in Chile Key Trends and Opportunities to 2021' 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 (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, 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 2021' 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 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 non-life insurance segment, and market forecasts to 2021.

• 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 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

• 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.

• On October 5, 2015, twelve Pacific Rim countries - Canada, the US, Chile, Mexico, Peru, Japan, Vietnam, Malaysia, Brunei, Singapore, Australia and New Zealand - entered into the Trans-Pacific Partnership (TPP) trade pact in Atlanta. However, the new US government withdrew from the deal in January 2017, effectively ending it.

• During the review period, cybercrime and data breaches increased in Latin America, and several Chilean government websites were hacked.

• Chilean law allows 100.0% foreign direct investment in the insurance industry and foreign insurance companies are permitted to establish and provide insurance business in the country.

 Table of Contents

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 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 Active policies
5.1.4 Claims
5.1.5 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Active policies
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Active policies
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 Active policies
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 BCI Seguros Generales SA - company overview
8.1.3 Mapfre Compania de Seguros Generales de Chile SA - company overview
8.1.4 HDI Seguros SA - company overview
8.1.5 Compania de Seguros Generales Penta Security 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 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

List of Tables

Table 1: Chilean Non-Life Insurance - Key Facts, 2016
Table 2: Chile Non-Life Insurance - Segment Shares of the Top Insurers, 2016
Table 3: Chile Government Credit Ratings
Table 4: Chilean Non-Life Insurance - Gross Written Premium (CLP Billion and US$ Billion), 2012-2016
Table 5: Chilean Non-Life Insurance - Penetration (%), 2012-2016
Table 6: Chilean Non-Life Insurance - Gross Written Premium (CLP Billion and US$ Billion), 2016-2021
Table 7: Chilean Non-Life Insurance - Penetration (%), 2016-2021
Table 8: Chilean Non-Life Insurance - Premium per Capita (CLP and US$), 2012-2016
Table 9: Chilean Non-Life Insurance - Premium per Capita (CLP and US$), 2016-2021
Table 10: Chilean Non-Life Insurance - Number of Active Policies (Thousand), 2012-2016
Table 11: Chilean Non-Life Insurance - Number of Active Policies (Thousand), 2016-2021
Table 12: Chilean Non-Life Insurance - Paid Claims (CLP Billion and US$ Billion), 2012-2016
Table 13: Chilean Non-Life Insurance - Paid Claims (CLP Billion and US$ Billion), 2016-2021
Table 14: Chilean Non-Life Insurance - Profitability Ratio (%), 2012-2016
Table 15: Chilean Non-Life Insurance - Profitability Ratio (%), 2016-2021
Table 16: Chilean Non-Life Insurance - Total Assets (CLP Billion and US$ Billion), 2012-2016
Table 17: Chilean Non-Life Insurance - Total Assets (CLP Billion and US$ Billion), 2016-2021
Table 18: Chilean Non-Life Insurance - Total Investment Income (CLP Billion and US$ Billion), 2012-2016
Table 19: Chilean Non-Life Insurance - Total Investment Income (CLP Billion and US$ Billion), 2016-2021
Table 20: Chilean Non-Life Insurance - Investment Portfolio (CLP Billion), 2012-2016
Table 21: Chilean Non-Life Insurance - Investment Portfolio (CLP Billion), 2016-2021
Table 22: Chilean Non-Life Insurance - Direct Written Premium by Category (CLP Billion), 2012-2016
Table 23: Chilean Non-Life Insurance - Direct Written Premium by Category (CLP Billion), 2016-2021
Table 24: Chilean Property Insurance - Direct Written Premium by Sub-Category (CLP Billion), 2012-2016
Table 25: Chilean Property Insurance - Direct Written Premium by Sub-Category (CLP Billion), 2016-2021
Table 26: Chilean Property Insurance - Number of Active Policies by Sub-Category (Thousand), 2012-2016
Table 27: Chilean Property Insurance - Number of Active Policies by Sub-Category (Thousand), 2016-2021
Table 28: Chilean Property Insurance - Paid Claims (CLP Billion and US$ Million), 2012-2016
Table 29: Chilean Property Insurance - Paid Claims (CLP Billion and US$ Million), 2016-2021
Table 30: Chilean Property Insurance - Loss Ratio (%), 2012-2016
Table 31: Chilean Property Insurance - Loss Ratio (%), 2016-2021
Table 32: Chilean Motor Insurance - Road Accidents, 2012-2016
Table 33: Chilean Motor Insurance - Direct Written Premium by Sub-Category (CLP Billion), 2012-2016
Table 34: Chilean Motor Insurance - Direct Written Premium by Sub-Category (CLP Billion), 2016-2021
Table 35: Chilean Motor Insurance - Number of Active Policies by Sub-Category (Thousand), 2012-2016
Table 36: Chilean Motor Insurance - Number of Active Policies by Sub-Category (Thousand), 2016-2021
Table 37: Chilean Motor Insurance - Paid Claims (CLP Billion and US$ Million), 2012-2016
Table 38: Chilean Motor Insurance - Paid Claims (CLP Billion and US$ Million), 2016-2021
Table 39: Chilean Motor Insurance - Loss Ratio (%), 2012-2016
Table 40: Chilean Motor Insurance - Loss Ratio (%), 2016-2021
Table 41: Chilean Liability Insurance - Direct Written Premium (CLP Billion and US$ Million), 2012-2016
Table 42: Chilean Liability Insurance - Direct Written Premium (CLP Billion and US$ Million), 2016-2021
Table 43: Chilean Liability Insurance - Number of Active Policies (Thousand), 2012-2016
Table 44: Chilean Liability Insurance - Number of Active Policies (Thousand), 2016-2021
Table 45: Chilean Liability Insurance - Paid Claims (CLP Billion and US$ Million), 2012-2016
Table 46: Chilean Liability Insurance - Paid Claims (CLP Billion and US$ Million), 2016-2021
Table 47: Chilean Liability Insurance - Loss Ratio (%), 2012-2016
Table 48: Chilean Liability Insurance - Loss Ratio (%), 2016-2021
Table 49: Chilean Transport Network - Global Rankings
Table 50: Chilean Marine, Aviation and Transit Insurance - Direct Written Premium (CLP Billion and US$ Million), 2012-2016
Table 51: Chilean Marine, Aviation and Transit Insurance - Direct Written Premium (CLP Billion and US$ Million), 2016-2021
Table 52: Chilean Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2012-2016
Table 53: Chilean Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2016-2021
Table 54: Chilean Marine, Aviation and Transit Insurance - Paid Claims (CLP Billion and US$ Million), 2012-2016
Table 55: Chilean Marine, Aviation and Transit Insurance - Paid Claims (CLP Billion and US$ Billion), 2016-2021
Table 56: Chilean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016
Table 57: Chilean Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021
Table 58: Chile Non-Life Segment - Market Shares of Leading Insurers (%), 2016
Table 59: RSA Seguros Chile SA - Key Facts
Table 60: State Farm Mutual Automobile Insurance Company - Key Financials (CLP Billion), 2012-2016
Table 61: BCI Seguros Generales SA - Key Facts
Table 62: BCI Seguros Generales SA - Key Financials (CLP Billion), 2012-2016
Table 63: Mapfre Compania de Seguros Generales de Chile SA - Key Facts
Table 64: Mapfre Compania de Seguros Generales de Chile SA - Key Financials (CLP Billion), 2012-2016
Table 65: HDI Seguros SA - Key Facts
Table 66: HDI Seguros SA - Key Financials (CLP Billion), 2012-2016
Table 67: Compania de Seguros Generales Penta Security SA - Key Facts
Table 68: Compania de Seguros Generales Penta Security SA - Key Financials (CLP Billion), 2012-2016
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 2017
Table 76: Chile Insurance Industry - Policies and Premium, 2012-2016
Table 77: Chile Insurance Industry - Policies and Premium, 2016-2021
Table 78: Chile Non-Life Insurance - Claims and Expenses, 2012-2016
Table 79: Chile Non-Life Insurance - Claims and Expenses, 2016-2021
Table 80: Chile Non-Life Insurance - Assets and Investments, 2012-2016
Table 81: Chile Non-Life Insurance - Assets and Investments, 2016-2021
Table 82: Chile Non-Life Insurance - Property Insurance, 2012-2016
Table 83: Chile Non-Life Insurance - Property Insurance, 2016-2021
Table 84: Chile Non-Life Insurance - Property Insurance by Product, 2012-2016
Table 85: Chile Non-Life Insurance - Property Insurance by Product, 2016-2021
Table 86: Chile Non-Life Insurance - Motor Insurance, 2012-2016
Table 87: Chile Non-Life Insurance - Motor Insurance, 2016-2021
Table 88: Chile Non-Life Insurance - Motor Insurance by Product, 2012-2016
Table 89: Chile Non-Life Insurance - Motor Insurance by Product, 2016-2021
Table 90: Chile Non-Life Insurance - Liability Insurance, 2012-2016
Table 91: Chile Non-Life Insurance - Liability Insurance, 2016-2021
Table 92: Chile Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 93: Chile Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 94: Insurance Industry Definitions