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Life Insurance in Chile, Key Trends and Opportunities to 2021

Life Insurance in Chile, Key Trends and Opportunities to 2021

Synopsis

Timetric’s 'Life Insurance in Chile Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Chilean life 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, 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, 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 'Life Insurance in Chile Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Chilean life insurance segment, including:

  • An overview of the Chilean life insurance segment
  • The Chilean life insurance segment’s growth prospects by category
  • A comprehensive overview of the Chilean economy and demographics
  • A comparison of the Chilean life insurance segment with its regional counterparts
  • The various distribution channels in the Chilean life insurance segment
  • Details of the competitive landscape in the life insurance segment in Chile
  • Details of regulatory policy applicable to the Chilean insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Chile:
  • It provides historical values for the Chilean 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 life insurance segment, and market forecasts to 2021.
  • It provides a comparison of the Chilean life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Chile.
  • It profiles the top 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Chilean life insurance segment.
  • Assess the competitive dynamics in the 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.
  • New mortality tables for pension policies and insurers offering annuity and disability insurance were introduced with effect from July 1, 2016.
  • On June 30, 2015, the Superintendencia de Valores y Seguros (SVS) issued new regulations for life insurers and brokers regarding the marketing of investment-linked insurance policies through circular number 2180. The new regulations emphasize the implementation of provisions of the new Code of Commerce, which prohibits insurers from charging customers for surrender or full redemption on policies issued on or after December 2013.
  • Under the Chilean Law of Income (LIR), individuals investing in life insurance policies are eligible to claim rebates in taxes under the provisions of Article 57.


  • Key Facts and Highlights
    • Table Chilean Life Insurance - Key Facts, 2016
    • Table Chilean Life Insurance - Segment Shares (%) of the Top Insurers, 2016
  • Executive Summary
  • Economy and Demographics
    • Table Chile Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Chilean Life Insurance - Gross Written Premium (CLP Billion and US$ Billion), 2012-2016
        • Table Chilean Life Insurance - Penetration (%), 2012-2016
        • Table Chilean Life Insurance - Gross Written Premium (CLP Billion and US$ Billion), 2016-2021
        • Table Chilean Life Insurance - Penetration (%), 2016-2021
        • Table Chilean Life Insurance - Premium per Capita (CLP and US$), 2012-2016
        • Table Chilean Life Insurance - Premium per Capita (CLP and US$), 2016-2021
      • Active policies
        • Table Chilean Life Insurance - Number of Active Policies (Thousand), 2012-2016
        • Table Chilean Life Insurance - Number of Active Policies (Thousand), 2016-2021
      • Claims
        • Table Chilean Life Insurance - Paid Claims (CLP Billion and US$ Billion), 2012-2016
        • Table Chilean Life Insurance - Paid Claims (CLP Billion and US$ Billion), 2016-2021
      • Assets and investments
        • Table Chilean Life Insurance - Total Assets (CLP Billion and US$ Billion), 2012-2016
        • Table Chilean Life Insurance - Total Assets (CLP Billion and US$ Billion), 2016-2021
        • Table Chilean Life Insurance - Total Investment Income (CLP Billion and US$ Billion), 2012-2016
        • Table Chilean Life Insurance - Total Investment Income (CLP Billion and US$ Billion), 2016-2021
        • Table Chilean Life Insurance - Investment Portfolio (CLP Billion), 2012-2016
        • Table Chilean Life Insurance - Investment Portfolio (CLP Billion), 2016-2021
  • Outlook by Sub-Segment
    • Table Chilean Life Insurance - Direct Written Premium by Sub-Segment (CLP Billion), 2012-2016
    • Table Chilean Life Insurance - Direct Written Premium by Sub-Segment (CLP Billion), 2016-2021
    • Individual Life Insurance
      • Premium
        • Table Chilean Individual Life Insurance - Direct Written Premium by Category (CLP Billion), 2012-2016
        • Table Chilean Individual Life Insurance - Direct Written Premium by Category (CLP Billion), 2016-2021
      • Active policies
        • Table Chilean Individual Life Insurance - Number of Active Policies by Category (Thousand), 2012-2016
        • Table Chilean Individual Life Insurance - Number of Active Policies Sold by (Thousand), 2016-2021
      • Penetration
    • Group Life Insurance
      • Premium
        • Table Chilean Group Life Insurance - Direct Written Premium by Category (CLP Billion), 2012-2016
        • Table Chilean Group Life Insurance - Direct Written Premium by Category (CLP Billion), 2016-2021
      • Active policies
        • Table Chilean Group Life Insurance - Number of Active Policies by Category (Thousand), 2012-2016
        • Table Chilean Group Life Insurance - Number of Active Policies by Category (Thousand), 2016-2021
      • Penetration
  • Distribution Channel Outlook
  • Competitive Landscape
    • Table Chilean Life Segment - Market Shares of Leading Insurers (%), 2016
    • Company Profiles
      • Metlife Chile Seguros De Vida SA - company overview
        • Table Metlife Chile Seguros De Vida SA - Key Facts
        • Table Metlife Chile Seguros De Vida SA - Key Financials (CLP Billion), 2012-2016
      • Consorcio Nacional de Seguros SA - company overview
        • Table Consorcio Nacional de Seguros SA - Key Facts
        • Table Consorcio Nacional de Seguros SA - Key Financials (CLP Billion), 2012-2016
      • Penta Vida Compañí a de Seguros de Vida SA - company overview
        • Table Penta Vida Compañí a de Seguros de Vida SA - Key Facts
        • Table Penta Vida Compañí a de Seguros de Vida SA - Key Financials (CLP Billion), 2012- 2016
      • Seguros de Vida Sura SA - company overview
        • Table Seguros de Vida Sura SA - Key Facts
        • Table Seguros de Vida Sura SA - Key Financials (CLP Billion), 2012-2016
      • Compañí a de Seguros Confuturo SA - company overview
        • Table Compañí a de Seguros Confuturo SA - Key Facts
        • Table Compañí a de Seguros Confuturo SA - Key Financials (CLP Billion), 2012-2016
  • Governance, Risk and Compliance
    • Table Chile - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Chile - Life Insurance Regulatory Framework
      • Property insurance
        • Table Chile - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Chile - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Chile - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Insurance for motor vehicles accidents
      • Pension insurance
      • Health insurance
      • Workmen's compensation insurance
      • Professional indemnity insurance for brokers and loss adjusters
      • Liability for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Association of Insurance Supervisors Latin America
      • Superintendent of Security Markets and Insurance Companies
      • Insurance Association of Chile
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
        • Table Chile - Factors Used for Solvency Margin Calculation
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxations
      • Withholding taxes on premium paid overseas.
      • Corporate tax
        • Table Chile - Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Chilean Life Insurance - Policies and Premium, 2012-2016
      • Table Chilean Life Insurance - Policies and Premium, 2016-2021
    • Claims and Expenses
      • Table Chilean Life Insurance - Claims and Expenses, 2012-2016
      • Table Chilean Life Insurance - Claims and Expenses, 2016-2021
    • Assets and Investments
      • Table Chilean Life Insurance - Assets and Investments, 2012-2016
      • Table Chilean Life Insurance - Assets and Investments, 2016-2021
    • Individual Life Insurance
      • Table Chilean Life Insurance - Individual Life Insurance, 2012-2016
      • Table Chilean Life Insurance - Individual Life Insurance, 2016-2021
    • Individual Life Insurance by Category
      • Table Chilean Life Insurance - Individual Life Insurance by Product, 2012-2016
      • Table Chilean Life Insurance - Individual Life Insurance by Product, 2016-2021
    • Group Life Insurance
      • Table Chilean Life Insurance - Group Life Insurance, 2012-2016
      • Table Chilean Life Insurance - Group Life Insurance, 2016-2021
    • Group Life Insurance by Category
      • Table Chilean Life Insurance - Group Life Insurance by Product, 2012-2016
      • Table Chilean Life Insurance - Group Life Insurance by Product, 2016-2021
    • Linked vs Non-Linked Policies
      • Table Chilean Life Insurance - Linked vs Non-Linked Policies, 2012-2016
      • Table Chilean Life Insurance - Linked vs Non-Linked Policies, 2016-2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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