The report titled “Non-Life Insurance in Chile, Key Trends and Opportunities to 2021”provides a comprehensive analysis of non-life insurance market in Chile. This report covers non-life insurance investments, types of non-life insurance, market for non-life insurance, growth in reinsurance, leading distribution channel for non-life insurance, and future growth of non-insurances market in health and accident sector.
Industry Overview: The non-life insurance investments in Chile are government securities, corporate bonds, investment funds, cash in bank or hand, other investments and total investment income. The evolution in the non-life insurance industry dynamics has made insurers to focus on cost-control measures, to enhance professional standards for insurance advisers and brokers, to regulate commissions earned and fees paid by financial professionals which are all likely to have a positive effect over the coming years. The major distributors in the non-life insurance market are direct marketing and bank assurance. The non-life insurance market mainly comprises of property insurance, fire and allied perils insurance, engineering insurance, motor insurance includes motor hull insurance, motor third party insurance and general third party insurance and marine, aviation and transit insurance consists marine insurance, marine hull insurance, marine third party insurance and aviation insurance and transit insurance. The non-life insurance market is primarily split into motor insurance, health insurance, travel insurance, home insurance and marine insurance.
Non-life insurance market in Chile has witnessed a steady growth with the increase in the level of reinsurance. It was observed that the influence of reinsurance and other financial variables in non-life insurance has impacted the growth of consumers across insurance business. Reinsurance is an important strategic function in insurance market which impacts the competitive insurance market. Leverage is another important factor affecting the product-market share at the aggregate business level of the insurance firm.
Chile’s non-life insurance sector’s outlook is stable despite persistence of the country’s limited economic performance in the recent years which an indication of maturity and operational flexibility of the non-life insurance industry. The slow performance of the Chilean economy and its effect on the private investment and private consumption has affected the growth in the non-life insurance products in Chile.
The country’s solid reinsurance structure is a pillar to the soundness and stability of non-insurance industry, justifying severity risks or catastrophic events. The penetration of the non-life insurance is at a minimum and Chile non-life insurance market is the fifth-largest in the South American region. The property insurance is the largest category, in terms of gross written premium, and accounts for a major share. The popular distribution channel for non-life insurances in Chile is Bancassurance.
Way Forward for non-life insurance market in Chile: The increase in the non-life insurance market is partly due to country’s infrastructure development, construction activities, rising car sales, and growing exports. The urbanization and increase in the spending limit will surely affect the growth of the non-life insurance market in Chile along with many opportunities. The Chilean government laws allow foreign direct investments in 100.0% within the non-life insurance industry. All the foreign insurance and non-life insurance companies are permitted to establish and provide insurance business in Chile. The value of non-life insurance policies such as in accident and health sector will project a drastic growth by the year 2025.
Key Topics Covered in the Report:
Chile Non-Life Insurance Industry
Chile Non Life Insurance Companies
Chile Non- Life Insurance Market Research
Non-Life Insurance Sector Trends Chile
Chile General Insurance Regulations
Motor Insurance Market Research Chile
Property Insurance Sector Chile
Health Insurance Demand Chile
Chile Automobile Insurance Industry Research
Chile General Insurance Industry
Chile Insurance Industry Forecast
Chile Insurance Industry Trends
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Ankur Gupta, Head Marketing & Communications