In 2008, the Chilean insurance industry suffered combined losses of more than US $200 million dollars, attributable largely to investment losses in the life insurance sector. Despite the organization’s own prediction that the premium growth will remain stable at 0% in 2009, down from a prior 3% premium growth prediction and lower than the Banco Central’s 1.2% GDP growth prediction , Mr. Claude still predicts that improved investment performance will yield better overall results across all lines of the Chilean insurance industry.
Total premiums increased by 8.7% in Chile in 2008, with 6.1% premium growth in the life sector (to US $3.8 billion) and 14.1% premium growth in the general insurance sector (to US $2.0 billion). Premium per capita also rose in Chile in 2008 to US $345, double the average in Latin America as a whole. Chileans average three policies per person in 2008, with US $224 in premium per person dedicated to life insurance and another US $121 per person dedicated to general insurance.
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