New Insurance research report from Timetric is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/29/2013 -- The Chilean non-life insurance segment recorded strong growth during the review period (2008-2012), supported by rising levels of disposable income, demand for property, and increasing motor insurance premiums. The segment is also expected to be driven by increased levels of risk awareness and preparation for risk avoidance among Chilean consumers. The nation's strong level of economic growth supported the demand for non-life products during the review period. Chile's GDP at constant prices grew at a review-period CAGR of 4.0% to reach a value of CLP109.5 trillion (US$129.8 billion) in 2012 and the non-life segment is expected to increase in line with this, from CLP1.9 trillion (US$3.9 billion) in 2012 to CLP3.0 trillion (US$6.1 billion) in 2017, at a forecast-period CAGR of 9.5%. The total number of non-life insurance policies sold is expected to reach 12.9 million in 2017, after recording a forecast-period CAGR of 6.2%. Property insurance accounted for the largest share of the non-life segment in 2012, followed by motor insurance, a situation which is expected to continue over the forecast period.
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- The Chilean economy is one of the fastest-growing in South America, with GDP at constant prices growing at a review-period CAGR of 4.0%.
- The non-life segment represented 33.6% of the industry's written premiums in 2012.
- The value of the segment grew to reach CLP1.9 trillion (US$3.9 billion) in 2012, at a review-period CAGR of 17.0%.
- Property insurance was the largest category and accounted for 61.9% of the non-life segment's premiums in 2012
- The non-life segment is expected to be driven by government policies that liberalize the segment and encourage foreign companies to start operations in the country.
- Insurance brokers remain the key distribution channel for non-life insurers in Chile, accounting for 50.0% of the segment's written premiums generated in 2012.
This report provides a comprehensive analysis of the non-life insurance segment in Chile:
- It provides historical values for Chile's non-life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in Chile's non-life insurance segment, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for non-life insurance products in Chile
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Chile for the non-life insurance segment
- It provides a detailed analysis of the reinsurance segment in Chile and its growth prospects
Companies Mentioned in this Report: RSA Seguros Chile Sa, Penta-Security, Mapfre, BCI, Liberty, Chilena Consolidada, Aseguradora Magallanes, Cardif, Ace, Zurich Santander
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